How To Flip Houses in Your Senior Years
Flipping houses can be a lucrative and exciting business. If you’re thinking about getting into the house-flipping business in your senior years, here are some tips (brought to you by Team Shope) that can help you make this decision pay off. You’ll learn about finding the perfect home to flip, getting loans and mortgages, and how to sell the property faster for more money.
Finding Your Flipping Property
There are two ways to go about it: you can either buy an older home, fix it up, and sell it, or buy a newer house, and remodel and flip it. There is no correct way to find a property that interests you, but keep in mind that not all homes are suited for flipping. You'll want to find a property that needs work but isn't too far gone.
Finding a Mortgage
While some seniors purchase their property with cash, many opt for a mortgage. At first, glance, getting a mortgage can be an overwhelming process — but it doesn’t have to be. Learn how mortgages work from senior-friendly mortgage lenders, and ensure you understand your options. Your credit score, financial reserves, and down payment amount determine what sort of mortgage you qualify for.
Preparing for Repairs
It may be true that you can’t teach an old dog new tricks, but there’s a lot you can do even if you don’t have construction experience. Do your homework before taking on any major repairs or renovations, and try calling around for estimates before hiring a contractor in Hershey, PA. Ensure your home is as up-to-date as possible, and check out resources such as Energy Star to ensure it is energy-efficient.
The 70% Rule
One of the keys to making money in house flipping is buying at a reasonable price. The 70% rule helps home flippers determine the maximum amount payable for an investment property. The 70% rule states that you should spend no more than 70% of the property's after-repair worth, minus renovation costs.
Improvements To Attract Buyers
Updating kitchens and bathrooms, installing new flooring, and adding energy-efficient windows can make your house more desirable to buyers. Also, sprucing up the walls in the home makes it attractive. Wallpaper offers elegant designs and is customizable and durable.
Try customizable wallpaper for your walls if you're replacing old wallpaper. Peel-and-stick wallpaper is removable and repositionable and includes an adhesive backing for easy application. If you order wallpaper created on-demand, you can modify your pattern and avoid the inconvenience if your design is out of stock.
Selling the Property
Once you’ve bought your home and made any repairs and upgrades, you’ll need a real estate agent to list it for sale. As with most things in life, experience counts when selling a home. Opt for an agent who's been around awhile and knows the market. Real estate agents network with each other, can find buyers fast, and get the best price for your property.
There’s no reason seniors can’t get into house flipping and enjoy success. But don’t forget that house flipping takes work. You need to be willing to invest time and money into research, improvements, and marketing — and also understand every project brings challenges.
For help with your property goals, visit Team Shope, a premier real estate team serving the Hershey, PA, area.