The world is very business focused at the moment. Everyone means business, and if you're not in business, you're considered to be one of the people below. If you're one of the people below, you're one of the people who are spending years of their life doing what everyone else wants you to do. Property flipping sort of takes you away from all of that. You become your own boss with your own destiny in terms of earning. You've no doubt thought about becoming your own boss before, but the logistics of setting up a business scare most people off. However, with proper flipping a lot of that element is lost. You don't have to spend the time coming up with a brand name or battling to get customers. All you need to do is have an eye for detail and love working hard. Property flipping is the process of turning a house that has tons of faults and needs some TLC, into a home that's ready for someone to live in. You don't even have to go into business to do this, this could be an idea for your next home. It's such a massive, yet incredible renovation project. So, whether you like the sound of a business idea, or whether it's something you've considered doing with the next joke that you buy, we're here to help. We want to show you what would be needed when flipping a property. Let's see if its something you'd enjoy doing!

Would You Dabble In Property Flipping?

Picking The House & Location

This is the first decision you're going to have to make, and it's going to have a big impact on the type of experience that you have. When you thought about property flipping, you might have thought about going to a home that's derelict and in the countryside. A home that really does need building from the ground up. The only problem with doing this is that the work is going to be far harder to do when you're in the middle of nowhere. You won't have access to the same amount of services that you would do if you were in a city, and even if you do they might not be reliable. There's also the issue of not being able to have the delivery of items to the location. But, on the other side of things, you would be able to sell the home again for a lot more money. Rural locations tend to have a higher price range. So you would have been able to buy a home for dirt cheap because it needed so much work doing to it, doing the work might be hard, but you'll then make a lot of money off the back of it. But, if you are going to do this for the first time we'd definitely recommend giving it a go in a city location. You're far more likely to find property flipping locations, and if the property is one you're going to move into when you're done, you're going to want it to be in a location that suits you. So, get looking at the prices of properties that are right on the low end of the spectrum because of how much work needs doing. You then need to start estimating costs of the work you're going to do, and find out how much you'd be able to sell it for once you're done. You need to make sure you're going to be able to make a profit back! 

Keeping It Simple

Why make it more confusing than it needs to be. There are so many types of property flipping avenues to go down. We've already spoke about how you can build your home from the ground up. One that needs every single bit of work doing to it, and one that's going to cost a ton of money. Or, you could keep it simple and go for a home that has all of the basics. It will have a good stable structure, it will have a good location, and it will usually just look run down. Keeping it simple is being able to gut it out in terms of all the floorboards, carpets, and fixing in the kitchens that look run down. Once you've torn it all out, you can then focus on what you want the home to look like. It's a blank canvas and the price of renovating each room is going to be different. For example you could spend ten thousands on the kitchen, but the bathroom might require less than a thousand. We'd recommend setting a budget for each room that you want to spend. If you're going to resell, keeping to a strict budget will allow you to make more profit. Look at ways that you can cut corners by getting friends and family to come in and do work for you. For example if you might know or a plumber or an electrician that can handle that side of things. Or, you and family members could spend the days ripping carpets up rather than getting someone to come in and do it for you. If this is something that you love doing and do want to make a career out of it, you could then go into bigger challenges where you can make more money. 

Finding A Love For Interior Decor

You really do need to have a love got interior decor. You don't need to have qualifications to do any of the work that we've spoken about, but you do need to make sure that you know what good interior design is. You have to know what's on trend, what's going to look good where, and how to spend your money wisely. This is the most exciting part of the renovation, if you ask us. It's the chance for your vision to come to life and for you to be able to get creative. If you're doing this to sell, you have the freedom of putting whatever you want it. It's never going to be your family home, so you don't have to think about what is going to suit your needs. There are so many social media pages out there full of inspiration. There's also interior designers that you can bring in to create a vision for you. Or, you could ask someone you know who's always had an eye for interior design. 

Ironing Out Any Issues
​

Once the home starts to actually look like a home, you need to think about some of the issues that you might have ignored because they're not obvious issues. We're thinking along the lines of the windows and doors. When looking at a run down home that needs some TLC, the windows and doors are often the ones that look the most tatty. Entry doors have more of an impact on the home than you might think. The entry doors are one of the first things that people notice about your home, and a brand new one is always going to look snazzy. There are now triple glazing windows which you could install. They'll give more insulation and soundproofing, and homes generally sell better if they have good windows and doors. 

Selling The Home Or Moving In
​

Finally you need to think about selling the home. You need to make money, and your plan should have allowed you to. Always go in with the higher price to make sure that you're going to get the most money. If you're moving in, you just need to move in. Make sure you save some money in your budget to do so. 

Comment Box is loading comments...