You may think that buying and selling houses is something that only property developers can do. But if your finances allow, it’s a good way to make more money for the future or climb your way up the property ladder. You’ll need to set a budget and stick to it to control costs. But you’ll also need to prepare the house for the market and attract buyers as soon as possible. This will save you from raising extra costs, such as council tax, utility bills, and loan interest payments. Here’s how to flip a property quickly.
Know your market
Whenever you’re doing up a house, it’s not to please you but to attract buyers. This means you’ll need to ensure that you take care of the basic maintenance works with experienced professionals (for example, this London plumber). Then, do some research into the local market.
Whether your property is in an up-and-coming area, a popular area for young professionals, or an area that’s desirable for families, there’ll be a ceiling price. That’s the limit of how much people will pay for your type of property and how much it can be realistically marketed for. You may want to push that ceiling price, but it’s a risk and can take longer to find a buyer. So, research what properties are selling for. Then, you can work out a sensible renovation or makeover budget.
It’s not just the selling prices you need to know, but who the buyers are. This is because you must know whether to style your house to suit young couples, families or retirees. Different types of buyers value different things. For example, families value gardens and extra bathrooms, whereas professional couples may value space for entertaining. And if there’s a mix of buyers in the local market, then you’ll know to keep the décor neutral to appeal to everyone. The type of buyer and how much properties are worth will also determine whether you need to achieve a basic or high-end finish.
Make impactful cosmetic changes
To flip a property quickly and successfully, it must be attractive to buyers and worth more money than you originally paid. This means you’ll need to make improvements. But for those improvements to be a worthwhile investment, they need to have a big impact without costing too much or taking too long. So, clever cosmetic changes are needed.
Focus on the kitchen and bathroom first, as buyers place the most importance on these rooms. You may get away with standard white suites and units styled with nice tiles, handles and lighting, but this will depend on what your market research throws up. Changing the flooring with new carpets and luxury vinyl will spruce up the rooms. As well as a fresh coat of paint on the walls. These cosmetic updates will have the biggest impact as they are visually obvious.
The outside needs as much attention as the inside to ensure the property has curb appeal and any garden space looks ready to use. Adding off-street parking on busy roads will be a sought-after feature, even if you simply lower the curb and lay down some gravel. Equally, clearing weeds and laying garden turf will turn any neglected space at the rear of the property into a family-friendly garden.
Don’t neglect essential repairs
Although cosmetic changes make a property desirable, you can’t neglect essential repairs. Even if the repairs needed aren’t noticeable to people viewing the property, the buyers’ survey will likely pick up on these problems. This could cause a sale to fall through or give the buyers a good reason to lower their offer. Neither of which you want.
What counts as an essential repair? Anything that’s visibly broken is going to put people off. So, repair anything noticeable, such as a front gate, door or window. Attend to issues like a leaky roof missing bits of guttering outside, and spongy floors and cracks on the walls inside. These will show up on a survey. Serious structural problems, dampness, rot and woodworm are sure to be unearthed. Defective heating and the lack of insulation will also show up, whether on the survey, the EPC rating or both. This means that even if the buyers themselves don’t notice problems when they look around, they will know about them before they commit to the purchase.
