Eager to take on your first fix-and-flip investment property? Before you dive in, there are some important tips to keep in mind that can help you make the most of your investment while appealing to the greatest range of potential buyers.
Start With Comps
Always take some time to get to know the neighborhood before you invest in a fix-and-flip property. In general, you’ll want to focus on improvements that will be most appealing to local buyers—and you can learn a lot about what local buyers want by looking at nearby homes. This research can help you get a better idea of where you should spend your money to see the biggest returns.
Don’t Overlook Curb Appeal
No matter where you’re looking to sell a fix-and-flip property, curb appeal will be vital. Many of today’s buyers won’t even set foot inside a home if it doesn’t look inviting and charming from the outside. This means you’ll want to prioritize projects that will enhance curb appeal, such as repainting exterior siding, installing new landscaping, and possibly even replacing an old mailbox. These small improvements can make a big difference in getting potential buyers in the door.
Focus on Staging
While it will cost some money up-front to have the home professionally staged, any experienced fix-and-flip investor will tell you that this is a service worth paying for. Having a home staged is a great way to help potential buyers envision themselves living in the home. Specifically, the right staging can highlight the home’s strengths while also defining living spaces that may otherwise be overlooked.
Create a Beautiful Listing
The majority of today’s buyers are finding properties online, so it’s more important than ever that your listing stands out from the rest. This means that you need to have plenty of high-quality photos of the home inside and out. It may even be worth it to hire a real estate photographer and/or videographer to make sure that the home is captured in the best light possible. You might even consider offering a video walk-through or virtual showings of your property.
From there, crafting a compelling listing that highlights all the upgrades and amenities that the home has to offer is a must. If you’re not experienced in writing your own real estate listings, this is where it may be worth hiring a professional to handle this for you.
The Bottom Line on Fix-and-Flips
Flipping a house requires a lot of hard work and patience—but when you follow these tips, you can make the most off your investment. At the same time, you’ll be providing somebody with the house of their dreams. Looking for help financing your fix-and-flip project? IMC Money has you covered. Contact us today to apply!