Flips that Flop
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Flips that Flop!
It seems with the advent of Reality TV and the Real Estate bubble of the mid 2000's, there have been half a dozen or more shows on flipping houses. Simply put, flipping is buying a house cheap, fixing it up and selling for a profit. While it sounds quite simple in principle, in actuality, flipping is an art that most are not in long enough to afford.
When a potential home buyer walks into a true flip it should be a pleasant experience. The following should be found in a "true" flip:
- Clean, tasteful landscaping
- Freshly painted, fresh, clean, inviting front door
- Painted threshold
- Railings secure to porches or steps
- No peeling paint on the trim, shutters or gutters
- Freshly painted interior
- Refinished hardwood floors and/or new carpet
- Any damage to the hardwood floor should be repaired or replaced
- New/freshly painted kitchen cabinets
- New counter tops or they must be in GREAT condition
- Sink and faucets should be new or in GREAT condition
- New appliances or appliances in GREAT condition
- There NEEDS to be a dishwasher
- NO BROKEN WINDOWS
- No evidence of any leaks
- AIR CONDITIONING
- Should I say Air Conditioning again?
- A full bath on the same level as the bedrooms WITH a Bath Tub not a shower only
- If the house is a two story, at least a half on the main living level. Homeowners don't want guests traipsing through their bedroom area looking for a bathroom.
- Bathrooms need to be clean and bright
- Light fixtures need to be clean, working and if not updated at least proper for the period
- All of the light switches and receptacles should be replaced and new looking
- If the house has a basement, make sure it is VERY well lit
These are just a few hints for anyone wanting or thinking of flipping houses. Too many people get into flipping thinking that it is a great way to quick cash. Unfortunately the media did not do much to educate the public when it aired shows on flipping but never revealing how much the Flipper made or loss. Too many people are not prepared to make the repairs and or updates required and make poor flipping decisions only to loose their investments.
If you are thinking of doing a flip or two, make sure you have a plan that takes into account all of the above and more. I will edit this post as the months and years go by and hopefully one day it will be good enough to use as a road map to a successful flip!Damon Gettier, Broker/Owner RE/MAX 1st REALTY --ABR, ABRM, CDPE, ePRO, GRI, SRES, AHWD, VA Licensed Real Estate Instructor
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