Finding the right house to flip is not as easy as what some may say, experts would even be apprehensive when it comes to flipping houses as it is the type of real estate investment that requires a lot of time, effort, and of course, money to splurge with all the repairs, reconstructions, and unprecedented circumstances to overcome while in the process of flipping it.
However, here at Home Hunter University by Nicholas Haley, we can give you key components or important factors to consider when you are looking for the right house to flip and how to determine if it is the perfect one. As a real estate investor, you must be wise about your decisions and where you put your money in, therefore, we are helping you avoid making any mistake you might just regret later.
Here are the factors to consider when it comes to flipping houses:
- Location is key
A mansion located inside a trailer park is obviously not fit for it, nor is a 2-storey building in the middle of nowhere such as a desert for it has to be in the middle of the town or near other establishments as well. Location may be one thing but it is also everything. Here are 3 different subfactors on why location is important:
- In a good neighborhood
You have to ensure that the neighborhood where the house belongs to is a decent one wherein the future clients will be able to imagine living there for decades. Do not just settle for a good house in a bad neighborhood, chances are you will have a hard time selling it in the future.
- Accessible to malls, schools, hospitals, and police stations
When your house property belongs in a great location where malls, schools, hospitals, police stations, and the downtown is accessible, then you can sell the house for a much higher price. That is why you should also consider location as one of the most important key factors.
- In a community with low crime rate
If a neighborhood is known to have a crime rate, you might have a hard time selling it to your future clients as it might scare them away. Also, even if you ask a real estate appraiser, the value of your house property would decrease and this is what you must avoid the most. If you find a great house to flip in a bad neighborhood, leave it be and go find another one
- Get a professional to inspect the property
A house inspector is hired for the very services such as these ones. An inspector would be able to determine the current state of property you want him to inspect and he will be able to give you a full assessment of the condition of the house yet you have to take note that he will not be able to predict the future condition, efficiency and life expectancy of the house but with the information he will give you, you will be able to deliberate whether the house is worth it or not.