These seven tips will help you find the right investment property.
Flip or flop? What makes for a great flip or investment property? Some of these tips are about buying the right property, and some are about fixing it up correctly once you purchase it.
1. Location. Ask yourself if it’s in a good school district. What demographic will be buying that home? How’s the lot? Land holds value; you want future buyers to have a nice yard.
2. Well maintained. It should have an updated furnace, newer roof and windows, etc. You don’t want to buy a house that will need to have everything replaced.
3. Comparable properties sold. Find the worst home in the best neighborhood, as Joanna Gaines (co-star of the show “Fixer Upper”) always says. Ask yourself if this neighborhood supports the resale value after your real estate-related expenses. We will provide you with a complimentary market analysis if you find a house you’re considering. We call that after renovation value or ARV.
“If you follow all these tips, you’ll have an excellent flip or investment property!”
4. The kitchen. The most crucial room to improve in a home is the kitchen; spend some of your money there.
5. Neutral paint. Fresh paint should be the same neutral color throughout the entire house.
6. Light fixtures. These fixtures should be the same throughout the home, but they must be updated. Farmhouse styles and matte black are in fashion right now. We’d be glad to help you shop on Wayfair if you’re unsure what to buy.
7. Carpet. Carpet is cheap, it looks fantastic, and it’s warm and inviting. Again, go neutral.
If you follow all these tips, you’ll have an excellent flip or investment property!
Call or email us if you have further questions about finding the right investment property or real estate in general. We would love to speak with you.
