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House Flipping for Seniors: How to Find the Perfect Property and Turn a Profit
Flipping houses has become a highly profitable business, especially for retirees looking to supplement income with something extra on the side, but that doesn’t mean it’s easy or that you can start right away without doing your research first. If you want to succeed with flipping houses in your retirement years, you need to pay attention to all the details, from finding the right property and mortgage to selling your home. Here are some tips and guidelines to help you go from a newbie to a pro house flipper in no time.
Before You Begin
Before you begin your search for an investment property, it’s crucial to ensure you have a stable source of income, enough cash in your bank account, good credit, and mortgage pre-approval. It’s also wise to consider tax deductions (such as depreciation) that may help offset taxes on rental properties.
Finding the Ideal Property
If you want your business as a home flipper to succeed, you need to find properties in good locations. When researching these ideal properties, don’t just rely on your gut — research real estate trends for comparable areas. Are homes in your desired area rising or falling in value? The answer affects your potential profits.
A Checklist for Renovations
While some buyers are willing to pay top dollar for a turnkey home, most want spaces to put their stamp on. Buyers want homes that reflect who they are in both style and layout — but to sell your property at an above-market value, CNBC notes that you need to make it as appealing as possible.
Renovations may include everything from knocking down walls to creating a more open floor plan to expanding an existing kitchen. It may involve installing new countertops, updating your electrical work, adding a patio cover, or adding rooms that can boost your property value. Could you figure out how much each renovation will likely cost and ensure you’re comfortable with it?
Tips for Selling Your Property
When you’ve spruced up your property and are ready to put it on the market, you can try to sell it yourself or list it with a real estate agent. Your property may sell faster and for a higher price if you go with a real estate agent, but if you decide to sell the property on your own, Expert Photography suggests taking professional photos of your property and erecting a proper-for-sale sign.
A website with all the information about the property is essential. You can design your site using a free website builder or web designer. You can add attention-grabbing banners to your site using a free banner template. Templates allow you to upload images and add text and colors.
Turn a Profit
Before you dive into flipping your first home, it’s essential to do your research and make sure you understand what’s ahead. By following these steps, you may have more confidence when looking for properties — and you can turn a profit.
Image via Pexels
Provided by our guest blogger Shirley Martin