STEP 5
ASSESSING THE WORK ON THOSE UGLY HOUSES.
I AM A STRONG BELIEVER IN DELIVERING A QUALITY PRODUCT AT RESALE.ASSESSING THE AMOUNT OF WORK AND MATERIALS TO USE CAN BE TRICKY. START BY LOOKING AT THE NEIGHBORHOOD YOU PURCHASED YOUR FLIP IN. DO THE HOUSES HAVE VINYL SIDING? ARE THEY STONE AND STUCCO COMBO?ARE THEY ALL BRICK? THE EXTERIOR OF YOUR HOUSE SHOULD HAVE GREAT CURB APPEAL IT IS THE FIRST THING YOUR POTENTIAL CUSTOMER WILL SEE. WHEN I PURCHASE TO FLIP I LOOK AT A FEW KEY ITEMS CLOSELY.1. THE HEATING SYSTEM(IF IT LOOKS OLD REPLACE IT) 2.THE ROOF,MUST HAVE A MIN OF 5 YEARS LEFT OR REPLACE IT.THE KITCHEN AND BATHS,IF THEY WERE NOT UPDATED IN THE PAST FEW YEARS,REPLACE THEM.ALL WINDOWS MUST BE FUNCTIONAL OR ,YOU GUESSED IT ..REPLACE THEM. IN TODAYS WORLD OF FLIPPING THE COMPETETION IS FIERCE.WHAT WILL MAKE YOU DIFFERENT? THE ANSWER IS QUITE SIMPLE,DO THE EXTRAS,DON'T CUT CORNERS,AND DELIVER A QUALITY PRODUCT AT A FAIR MARKET VALUE.
"EXTRAS" CAN BE A FRIGHTENING WORD.HERE'S WHAT I AM REFERRING TOO.
THE EXTRAS: GRANITE COUNTER TOPS IN THE KITCHEN, STAINLESS STEEL APPLIANCES,MAYBE A DEEP SOAKING TUB W/ JACUZZI,HARDWOOD FLOORS,MINOR LANDSCAPING THESE ITEMS WILL ENHANCE YOUR SHOWINGS AND KEEP YOU A STEP AHEAD OF THE FLIPPER THAT'S DOING IT ON THEIR OWN. PENNY WISE DOLLAR FOOLISH MOST DEFINIETLY APPLIES HERE.
WORD OF CAUTION !!!! DO NOT GET CARRIED AWAY WITH EXTRAS !!!
Regards, Ron Molcho..Managing Broker @ American Homes of S.I.
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