There are some things you need to know and to avoid when you begin the journey of flipping homes. We’ve put together some tips on how to sell a fix and flip house fast in College Station.
Flipping a home in College Station 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
They say the value of a home is based on location first and foremost. 60% of the home’s value comes from where it is located on the map. As you move from one neighborhood to another, the value of a home changes.
A house that might be a great value in one part of town may sell for considerably less just a few miles away. Be certain to have done your research and have a good understanding of home prices in YOUR neighborhood.
You also need to understand the demographics of the area. Know who is buying, whether they are families or seniors, what they are looking for, and what they can afford.
Don’t Over-Improve The Home
Make simple and cost effective upgrades to a home you are planning to flip. You can’t be 100 percent sure that you will get back the money you used for repairing and upgrading it. Replace only the things that are not working or that appear very old.
Don’t invest too much money into adding excessive things or making expensive upgrades.
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 selling your house, have a selling price in mind; however, be sure that the price is realistic. If you want to get a buyer for your home and sell it fast, you should be pricing your house low.
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.
Before you get started, review all the numbers and remember that repairs can cost more money than you planned for, so be careful and have a cushion for it.
Only Drop Once
Always give yourself room to make a significant drop when setting the price for your home. If your house isn’t receiving much attention because of the asking price, plan to make a significant drop of $5-$10k.
You will only want to drop the price once. If you drop the price repeatedly, it can make you look desperate or make people think there is something wrong with the house.
Before starting any real estate investment project, it is important to educate yourself and work with professionals you can trust.
To learn more about selling a fix and flip home fast, fill out this form, or give our office a call today! (979) 431-1663