False Profits: Don’t Let Arrogance Make Your House Flip A House Flop

It’s agreed, by and large, that the quickest way to make a lot of money is to buy real estate and sell it at a profit. Of course, the quickest way to lose a lot of money is to buy real estate and not sell it. Yes, there’s quite a tightrope to be walked there. On the one side of it, a lucrative line of work. On the other, likely bankruptcy. So no pressure, but if you’re going to get into real estate you need to be good at it. If possible, before you buy a house, get a chartered surveyor to come and take a look at the house and make sure that you’re getting a good price for it. Someone from Erikas Grig would be more than capable to evaluate the home and give you a more detailed picture of what the house consists of. That way, you know you’re not in for any surprises. If it’s your first-time house flipping, you might want some expert advice to make sure you’re making the right decision. For some expert advice, click here and see if you’re ready to get into the world of real estate and house flipping. If you are house-flipping you will need a good real estate agent who may be able to give you the best price for the house. Luckily, there are real estate agencies that may be able to help you to sell your house fast in Los Angeles or within your local area.

One thing that real estate mavens keep coming back to when talking about the mistakes first-timers make is hubris. They’ve watched a few house-flipping shows back to back and they think they’ve got it nailed. They think they’ll smash through the neighborhood ceiling price because they know the things to look for. Despite the advice of experts, they insist that a really nice door is worth an extra 10% on the sale price.

Should you decide to flip a house – and it’s not easy in this market – then there are some golden rules you need to keep to. And no, you don’t know better.

  1. You Think You Can Do All The Jobs Yourself. Nope.

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DIY plumbing rarely ends well

Most of us are a bit handier at DIY than we think, and can do quite a bit if we set our mind to it. However, there is a difference between being able to lay flooring and actual tradesman work. A lot of the more complicated work needs to be left to a contractor. They will know what materials they will need, the correct nail gun pressure for if they’re working on your roof, the best way to install new flooring, all stuff that you might have done differently. Doing it yourself could end up with you having to call professionals to clear up your mess, costing you more than it would have originally. You might, having done the skirting boards and leveled the garden, think you can plumb in the bathroom and kitchen. You would be wrong. Call in a plumber, and an electrician too. It costs more than doing it yourself, but it will be done properly and earn a better sale price.

  1. You Have Your Sale Price And You Won’t Budge. Well…

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Don’t expect a huge windfall if you play hardball too long.

When you add the price of the house you’ve bought to the amount you will put into it, you have your outlay on the house. You’ll want to factor in a profit and, with those three figures, you have your sale price. Now, you may think that the price you put it on the market at is the bare minimum you’ll settle for. If you still think that two months after it’s gone on the market and no-one’s biting, budge! It’s not aging like a fine wine.

  1. Remember You’re Remodeling For The Market, Not For You

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Not every buyer wants a bold statement room

You may like the idea of vibrant, Mediterranean colors throughout the house. Congratulations on your excellent taste, it is a dashing look. However, it is essential to remember that you won’t be living in this house, unless you fail to sell it. So do a bit of market research and see who’s most likely to buy this house, in this area. Remodel with them in mind. Your choices, your tastes are irrelevant here.

If done correctly, remodeling a home and bringing it to market can be a highly lucrative way to do things. Of all the millionaires in the world, a fair percentage got that way by doing exactly that. What they didn’t do was fly in the face of expert advice.

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