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If you are keen to make a foray into the world of property development, you might be eager to flip a property. Flipping involves purchasing a fixer upper, doing it up, and selling it on in as short a period of time as possible. You need to be able to think with your head rather than your heart and realize that you are trying to make money rather than create a dream home. You need to be objective, not subjective, and you have to have an eye for figures. If you are keen to invest some cash into developing a property to flip, take a look at this guide.
Purchase Well
It may sound ambiguous, but you have to purchase the right property. So, how do you find this elusive humble abode? Firstly, you have to buy in a well-established area that you know well. There’s no point risking your money on an up and coming area when it may be crime-ridden with poor schools. In this highly undesirable area, you will never sell even the finest house for much of a profit. Look for areas with great schools, sound amenities, and good transport links. Check out the property market for the previous five years and if prices have increased every year, you know that you are onto a winner. Try and purchase the worst house on the best street. You can always give a home a facelift, but you can never change the location.
Exterior
Many people start on the inside of their fixer-upper when doing it up. Instead, focus on the exterior of the pad to give it some curb appeal. The outside of your new dwelling will give potential buyers an excellent first impression. You want to turn heads for all the right reasons. If you notice that your driveway is waterlogged, you need to consider an nds dura slope channel that will help your water drain away. Get your weeds removed and mow the lawn in the garden. If your dwelling is looking a little tired, whip out the white render paint and add touches of color with some hanging baskets filled with vibrant flowers. The exterior of your home should seduce potential buyers before they have even set foot in the house.
DIY
For the ultimate money-making project, you need to consider doing most of the work yourself. While certain jobs will require specialist tradespeople like the gas and electrics, you can turn your hand to other tasks that need completing. Skill yourself up by heading on a plastering course. Think about fitting the new kitchen and bathroom yourself. Watch vlogs and Youtube videos with clear step by step beginner guides. DIY can be terrifying but it can also be satisfying to complete renovations yourself. Tradespeople can charge a small fortune but you can tile the bathroom, lay the laminate, and put up the wallpaper on the chimney breast.
Always ask around and get friends and family to help with your scheme of works. Treat them to a meal out or some drinks to say thank you!
Follow this guide and you will soon be flipping a property for a profit. Ensure that you stick to a budget, make head decisions rather than heart decisions, and enjoy getting to grips with your first property project.