What is house flipping?
House flipping is another term for buying an old or run down property bought for under market value then renovating and refurbishing the property and selling for a higher price then what you purchased it for. Flippers usually turn a property around quickly, so they make a better profit.
Do you have enough knowledge?
When flipping a property you need to consider If you have the knowledge on flipping a property. If not find someone who does and research, this will help you on your flipping journey. Don’t just jump into it!
Do not get emotionally connected to this purchase
Find below market value. Too many people get emotionally connected to a purchase for example it could be down the road or next to their home. It is all about numbers.
Do the numbers first
Make sure you figure out is there money in this? Be honest with yourself and don’t over value the property. Get free agents out to value the property then work out the average price and be realistic.
Consider the time frame for your project
Be time wise when it comes to your project. Don’t rush and give yourself little time. Unless you have a good team who you have used for years, and you know can be reliable. The average flip takes 4-6 months, so consider council tax and utility bills when planning your time scale.
Consider areas you are purchasing a property
Do your research before buying, make sure it is below market value. You need to look at the trends in the country and the area you are looking to buy in, seaside areas usually do well in summer months whereas city areas do well in the winter.
Always consider what are you flipping, who Is your buyer, who is doing the work for you and what is your aim goal!