What you Need to Know Before you Start Flipping Homes

by Mary Shea Wilson on July 9, 2014

The recent drop in homes prices, affordable mortgage rates and the popularity of television shows showing investors turning over homes has many people wondering if they can make money flipping homes. Flipping a house simply means buying and then selling a home quickly for profit. There are different ways to do this, but if you are interested in buying and selling houses, or just want to find a good deal to invest your money in. You will want to follow some tips on how to make sure you make money and not end up busting the budget.

1. KNOW THE AREA

It is not just about the house you want to buy but also the area. Focus on buying homes in an area that holds value and where homes sell quickly. The golden rule of a home, location, location, location, applies here as you will want the home to be able to be sold quickly. Get to know the average costs and days on market for homes in that area. The more information you have about the market you have chosen, the better decisions you can usually make when it comes time to buy.

2. DO NOT GET EMOTIONAL

This is a business venture; your goal is to make money. Emotions and money rarely mix well. Do not get emotional about house flipping. When choosing colors, fixtures and carpets go neutral, you will not be living in the home. Be careful of becoming too attached to the flip. Choose a price to sell the home, do not overprice the home. Overpricing typically leads to you holding the flip longer thus reducing your profit.

3. KNOW YOUR LIMITS

If you are new to flipping homes, it is important to know your financial and work limits. The budget will always be more than you anticipate, plan for unexpected problems. Start with homes that mainly have cosmetic problems. Look for houses that need new, modern paint or updated fixtures. Homes where the outside yard and landscaping are unappealing are usually a great buy and can yield more profit. Curb appeal is usually a problem that can be fixed very easily and relatively inexpensively while greatly increasing the value of the home.

4. HAVE AN EXIT STRATEGY

The point of flipping is to get in and out as quick as possible. Every day that you own the homes costs you money. Have a plan and know exactly what you’re going to do with the home before you buy. Make a schedule of when work will get done and drop dead date of the house going back on the market. If you don’t know if you can sell it quickly, don’t buy it.

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Quick and Easy Bathroom Updates

by Mary Shea Wilson on July 2, 2014

It is a room that is often overlooked on the decorating list but as the saying goes bathrooms and kitchen sell homes. Many people avoid remodeling a bathroom because they are typically one of the most costly rooms to remodel–generally second only to kitchens.  A bathroom update can be easier than you think. Here are some budget-friendly updates that will give your bathroom a brand new look.

Paint

Paint is the most inexpensive way to transform any room.  For around $25, you can have a brand new look. Bathrooms are typically small rooms so the process should be quick.

If your wood cabinets looking tired,  give them a fresh coat of paint. Make sure to give them good cleaning and a light sanding first.

Lighting

Don’t overlook the importance of lighting.  Outdated bath bar (often called Hollywood lighting); can be easily replaced with newer fixtures for as little as $30.

Hardware

An instant update to any cabinet is the hardware. This is a place to where you can be creative and unique.  Expect to pay anywhere from $3 to $15 for each knob or pull.

Accessories

A brand new look can sometimes be as easy as replacing a few of the accessories. Replace worn-out, faded towels with some soft, fluffy new towels.  Expect to pay from $5 to $30 per towel.

Try adding new towel bars and toilet paper holders too. If you update your cabinet hardware you will want to try to go with a similar finish. This will cost about $20 to $40.

Giving your bathroom a fresh, new feel doesn’t have to break the bank. With a little elbow grease and some creativity you will have a new bathroom in no time.

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Single-Family – 471 Grove St Needham, MA 02492 JUST SOLD!

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Outstanding 2005 Custom Built Colonial set on almost 3 spectacular acres of Sabrina Lake waterfront. No detail was spared in the construction of this unique 5 Bedroom property which features high quality materials/finishes/systems throughout. Highlights include open floor plan with Downsview kitchen, custom built-ins, doors, and wrought iron railings, front and back staircases, master suite [...]

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Open house on 6/22/2014 at 6 Davis Brook Drive Natick, MA 01760

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Date: 06/22/2014 Time: 12:30 PM to 2:00 PM  For Directions: click on the map image or feel free to contact me.  For more information: click here for the full details   Gorgeous, sunny stonefront Colonial in sought after Farm Hill Village neighborhood in scenic South Natick. Grand foyer with bridal staircase opens to formal spaces with abundant mouldings [...]

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