House flipping has become a global phenomenon, and nowhere is it more popular than in the U.S. Home improvement television shows have helped to boost its popularity, and last year alone, it’s estimated that more than 200,000 homes were flipped.
What is house flipping?
The term ‘house flipping’ is used when real estate investors purchase homes at auctions, spend money upgrading and improving them, and then sell them on at a profit. House flipping can prove lucrative if carried out professionally and with care, but there are numerous risks involved, too. Sellers who have not been informed about which home upgrades will best increase their chances of procuring a sale, may spend their money unwisely and end up holding onto a property far longer than anticipated.
How do you select a home to flip?
If you’re looking to purchase a property at auction with the intention of renovating it, then you must check whether it’s structurally sound and requires only cosmetic upgrades. Black mold or foundations that are cracked can be big trouble and put you on the backfoot before you’ve even started.
Where should you begin when renovating a property?
It’s usually the case that renovations performed on the exterior of homes can give house flippers a higher return on their investments. Curb appeal is hugely important and can make or break the sale of a property, so while the interior of a home needs to be clean and functional, the exterior will give buyers a good or bad first impression, and possibly sway their opinion.
What are the most valuable renovations for house flippers?
Replacement projects are often among the most lucrative, such as putting new street facing windows in, new doors, or investing in new garage doors. A recent report by a magazine specialising in home improvements found that an upgraded street facing garage door can earn house flippers a whopping 98.3% return on their investment, making it the highest on record of all popular home improvement projects. Overhead garage doors that have been customized to match the exterior of the home, are among the most successful upgrades, and go on to enhance the overall look of the property and its curb appeal.
So, if you’re just getting started with a house flip and need to upgrade its curb appeal, why not start by investing in some new garage doors. Your local garage door supplier will be able to help you assess the garage and adjoining property, and advise you on what type of door would work best and have the most appeal for potential buyers.
