Selling a fix and flip house is currently a great way to invest and earn a living. But there is also a learning curve to this business and you won’t get an upscale profit overnight. A great house flip plan can turn out to be a house flip gone wrong! At the end of the day, it can make you money or can cause you thousands and a lot of headaches. When you begin your journey flipping homes, there are some things you need to know, and other things you will want to avoid. We’ve put together some tips on how to sell a fix and flip house fast in Northern Kentucky.
Flipping a home in Northern Kentucky can be a great way to turn a profit, but it is never as easy as it appears on HGTV. We hope our tips and tricks will help you sell a fix and flip house fast!
First You Must Understand Your Location and Market
If you’re looking for houses to flip, you would want to know a bit about the community. Finding a great environment is key to successfully sell a fix and flip house fast.
Check out if the community has a good school system, a lot of good job opportunities, increasing community development, a safe environment (low crime rate), great hiking trails, and different places that you can go and enjoy the outdoors, etc.
They say a home’s value is based on location above all else. 60% of the home’s value comes from where it is located on the map. Home prices may vary drastically as you move from neighborhood to neighborhood.
A house that might be of great value in one part of town, may sell for considerably less just a few miles away. Make sure you have done your homework and have a good understanding of home prices in YOUR neighborhood.
You will also want to have a grasp on the demographics in the area. Who is buying? Families, seniors? What are they looking for, and what can they afford?
Don’t Over-Improve The Home
When making improvements to a home you plan on flipping, remember that less is more. There are no guarantees that you will recoup the costs spend to fix it up. Replace things that are not working or that appear very old, but leave it at that.
Do not sink money into a home adding excessive details and upgrades. If bathroom cabinets are old and ugly, replace it with a simple (and cost effective) pedestal sink.
Always keep in mind, that no matter how many upgrades you make, a home will not sell for $500k, when the neighboring homes are going for $150k.
Price Your Home Before Anything Else
Before you sign the papers to buy the home, have the number in your head of what you will sell it for. Be careful not to overinflate this number. You should be pricing low in order to get a buyer and sell the home fast.
Be realistic and stick to your numbers. Do not think that by making a $40k renovation to the basement, you will be able to add $40k to your asking price.
Review all your numbers before getting started, and keep in mind, repairs typically require more money than what you initially plan for, so give yourself some cushion.
Only Drop Once
When you initially price your home, give yourself enough room to drop the price once. Plan to make a significant drop of $5-$10k if the house isn’t receiving much attention at your original asking price.
You will only want to drop the price once. Dropping the price more often can make the house appear as if something is wrong with it, or that you are desperate to sell.
Before starting any real estate investment project, it is important to educate yourself and work with professionals you can trust.
To learn more about how to sell a fix and flip house fast, connect with us and give our office a call today! (859) 412-1940
If your questions are: What is the 70% rule in house flipping? Is fix and flip profitable? How do I sell a house that is flipped? How much money does a house flipper make a year? Then you’re on the right page! We would love to answer your questions and give you recommendations over the phone!