TV
shows make it look so simple: you buy a fixer-upper, renovate it, and
then sell it for a whopping profit. However, ask anyone who has ever
tried house flipping personally, the task is a lot harder than it
seems. To maximize your property investment project, consider these
tips.
Be
in the know.
You
need to be able to pick the right property to be successful. You also
need to know which renovations to prioritise, which can be put off
for later, and which can be skipped altogether. You must likewise be
knowledgeable about tax laws and when to cut your losses and abandon
the project before it becomes a money pit.
Start
early.
House
flipping is a time-consuming project. Not only do you need to allot
some time to find and buy the right property, you may also need a
month or two to fix it up depending on its condition. Plus, when
finished, you also need to have the property inspected to ensure it
complies with building codes. The point is, make sure you have ample
time to do everything that needs to be done.
Do
some—if not most—of the work yourself.
The
real money in house flipping comes from being handy with house tools.
Hiring a professional to do all the work reduces the odds of
profiting from your investment. Thus, you may want to brush up on
your DIY skills or call on your closest friends or relatives to help
you out.
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