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 Columbus.
Flipping a home in Columbus 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
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 a 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.