Some house flippers use short-term financing to buy a house in need of renovations, but it can have a higher interest rate than other types of financing. It also costs a flipper money in the form of daily interest charges. Other house flippers use their own cash reserves to buy a property.
In both situations, many flippers are focused on selling a home quickly. A critical aspect that impacts the ability to achieve this goal is to create a desirable home that buyers are interested in. When you’re preparing to transform an investment property, turn your attention to these important points:
Create an Open Floor Plan
One idea that works well when flipping is to create an open floor plan. Older homes that likely need more renovations may have a closed-off floor plan. This can make the home look smaller than it is, and can create a claustrophobic ambiance that may turn off some buyers. Depending on the home that you invest in, creating an open floor plan may be as simple as tearing down the wall dividing the kitchen and dining room.
For added emphasis, you can also tear down any dividing walls between living spaces and the dining room. While you’re not adding square footage through this process, an open floor plan feels bigger to a buyer and may be more appealing. In many cases, this is a cost-effective way to generate incredible results.
Add Natural Light
To transform the space of your investment home, analyze the natural light. Some older homes were built with minimal or small windows, which result in a dark and gloomy interior that is not welcoming or appealing to buyers. Consider enlarging existing windows to bring in more natural light.
You can also add a few windows or a skylight in the bathroom, kitchen or other rooms that are commonly dark. When you incorporate natural sunlight into a room, you transform the space by making it feel more inviting.
Research Competing Listings
Before you finalize your renovation plans for your next house-flipping project, you should spend time online researching competing listings. You could even visit a few homes to get a better feel for market conditions. When transforming a space, you need to at least bring the home up to a level that makes it directly competitive with other listings in the market.
It can also be advantageous to go a step above the current market conditions. This can make the home more appealing for a faster sale; however, avoid making renovations that are considerably above market-level. While the home may be very desirable to buyers when you do this, there is a strong chance that you may price the home above market rates. This can make the home too expensive for some buyers. The condition of your finished project is critical to your ability to sell the property quickly.
Many house flippers focus on cosmetic features when renovating a home. For example, they may pay attention to paint colors, countertop materials and flooring options. These are all important elements to focus on, but other factors are equally important if you want to benefit from a quick sale.
As you look for new homes to flip, and as you plan the renovations, turn your attention to these important transformation tips. By doing so, you can create a finished project that sells more quickly.
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A Beginner’s Guide to Real Estate Investing in Philadelphia & the Delaware Valley
Philadelphia is one of the most iconic cities in the US. It is home to a vast array of historical and cultural elements and is the fifth most populous city in the country. The Declaration of Independence and Constitution were signed in Pennsylvania’s largest city, and it’s still home to the Liberty Bell. But it’s not just the history and culture that makes the Philadelphia appealing; it also has a thriving real estate sector.
In 2016, house prices were 38% higher than they were in 2010. Since the recession, it’s also thrived in terms of home sales. This is in part due to the fact that, despite the rise in prices, Philly homes are some of the most affordable in the country. There are plenty of investment opportunities in Philadelphia, and indeed in the whole Delaware Valley Region. This guide will help you navigate the basics and demonstrate why you should consider investing in Philadelphia real estate.
The Basics of Real Estate Investing
Despite the fact it may seem like a daunting market to get to grips with, investing in real estate follows some basic principles. You want to put money toward something that’s going to increase over time. Your profit needs to cover your risks and other costs, for example, taxes, maintenance, and insurance. There’s nearly always money to be made in property, but you need to have a clear strategy in mind. Below, we’ve briefly outlined some of the popular methods investors use:
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