Welcome to my blog! My name is Doreen and I am here to provide all of the information you need to fully understand real estate. When I bought my first home about 7 years ago, I didn't have a clue what I was doing. I found the entire process very confusing. However, all of that changed when I decided to sell my house a few years later. I found a fantastic real estate agent who taught me everything I needed to know. Since that time, I have bought and sold several other properties. I hope you like this blog and that it helps you to secure the home of your dreams.
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Would you want to invest in the lucrative real estate industry? Flipping homes is one of the easiest ways to invest in real estate. The article below discusses the various considerations you should make when flipping houses.
Financing
As a rule of the thumb, you must have ready capital when flipping homes. It could be from your savings or through bank finance. When using bank finance, check the interest rate and repayment terms to determine if you will make a profit. How will you make monthly repayments? Flipping homes is a game of patience. Sometimes, you may have to wait over six months as you wait for property prices to shoot up.
Choosing a Home
Below are tips to help you select a suitable house for your property investment;
Hire a conveyancer to handle the legal aspects of the purchase. He or she will conduct due diligence to ensure the property does not have any disputes and that the current owner has not used the title as collateral for loans.
Repairs
Most homes sold below their current market price will require some renovations. For instance, you may need to repair leaking roofs and broken tiles. A customer's first impression is the home's appeal. Therefore, go for high-quality finishes such as marble countertops, epoxy or vinyl floors, and top-shelf bathroom fixtures. Besides, conduct some landscape renovations and give the property a fresh coat of paint.
Know When to Buy and Sell
Property prices drop during the low season when there is little demand for homes. It is, therefore, the perfect time to look for a well-priced property. Conduct renovations and list the property during the high season. In Australia, autumn and spring are considered the best times to sell the property since there is a high demand for homes.
Marketing
Preferably, work with a reputable and experienced real estate agent. The professional will market the property through word of mouth, the internet and social media. Besides, he or she will organise house visits for interested customers. The agent will also appraise the property to determine a suitable asking price.
When flipping homes, have ready capital, choose a suitable home, consider minor renovations, know when to sell and engage the services of a real estate agent.
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