10 things to consider before flipping a home Smart change: personal finance
Returning a home can be a tempting prospect, but buyers and sellers beware! This is not as easy as it seems for the casual observer of home shows.
Having a house knocked down can be a ton of work, a financial risk riddled with hidden and unexpected costs, and can end up being frustrating and time consuming. UpNest consulted with real estate investors, realtors and home improvement specialists to come up with a list of 10 things a buyer should know before trying to flip a home.
Doing it right means researching the market, combing neighborhoods, finding the right home, estimating repair and rehabilitation needs, budgeting, securing funding, listening to the right experts, overseeing repairs and renovations, managing inspections, marketing, meeting potential buyers, making a sale and living with risks and concerns along the way.
Making poor or uninformed decisions can mean overpaying for repairs and materials, missing the best seasons to make a sale, holding a property too long for lender bills to pile up, or getting stuck with a property. who just won does not sell. On the flip side, flipping houses can be profitable, interesting, educational, creative, and satisfying.
Read on for 10 things you should consider before committing to flipping a home.