Special offer

Knowing your market can help you in house flipping

By
Real Estate Agent with Southland Realtors

The real estate market by nature is local, and that applies to buying investment properties as well. Most experienced investors stick to neighborhoods and areas they know well. They know the price ranges as well as what kind of features that the homes in that neighborhood have. For an investor that is just starting out, I would recommend picking 1 or 2 neighborhoods that are fairly mature in age. Look for and go to as many open houses in that neighborhood as you can find. If other potential buyers are at the open house, listen to what they say about the property. This is an excellent way to learn what potential buyers in the area are looking for.

Once you have bought your house, by acquiring your knowledge of the other homes in the neighborhood, you will know what fixtures and features you should be spending money on. And more importantly, not wasting money on those that don't add to the sale price of the house. It sounds like a simple concept, but you would be surprised at how many times I see people putting marble counter-tops and stainless steel appliances in a starter home. These same people are amazed that buyers aren't willing to pay a higher price for these features. It always pays to do your homework before you spend your money. 

 

Comments (0)