When you decide to starting buying and fixing up homes to flip, there are some things you need to do, and other things definitely NOT to do. We’ve put together some tips on how to sell a fix and flip house fast in Fort Wayne.
Flipping a home in Fort Wayne 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
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. Ask any buyer. Most of them have a preference of what area of town they want to live in. 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 the neighborhood of the flip home you’re interested in.
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? That’s why these tips on how to sell a fix and flip house fast in Fort Wayne are so important!
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.
A few more tips on how to sell a fix and flip house fast in Fort Wayne : Don’t not sink money into a home adding excessive details and upgrades that don’t fit the surrounding homes. If bathroom cabinets are old and ugly, replace it with a simple (and cost effective) pedestal sink or cabinet.
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. Make sure to do your research! Be careful not to exaggerate this number. You should be pricing low in order to get a buyer and sell the home fast.
Be realistic and stick to your numbers. Do not think that by making a $40k renovation to the basement, you will be able to add $40k to your asking price. Again, use a professional real estate agent or reach out to someone with experience that can give you some helpful advice.
Review all your numbers before getting started, and keep in mind, repairs typically require more money than what you initially plan for, so give yourself some cushion.
Only Drop Once
Here’s the last tip on how to sell a fix and flip house fast in Fort Wayne. When you initially price your home, give yourself enough room to drop the price once. Plan to make a significant drop of $5-$10k if the house isn’t receiving much attention at your original asking price. This is why it’s important to price the home right the first time, so as not to scare potential buyers away.
You will only want to drop the price once. Dropping the price more often can make the house appear as if something is wrong with it, or that you are desperate to sell.
Before starting any real estate investment project, it is important to educate yourself and work with professionals you can trust.