Six Tips to Flip Your Chatham-Kent Home

So you’re looking for a new career, and you’ve decided to start flipping houses in Chatham-Kent? I’m here to tell you, it’s not as easy as it seems on HGTV. Flipping a house is the purchasing of an older or run down property, fixing it up, and selling it for a profit. In an uncertain real estate market and with hidden expenses behind every wall, house flipping can be a risky business. When done well, however, it can also be a profitable business. If you want to enter the Chatham-Kent real estate market and begin flipping houses, you should read these six tips before you flip:

• Location, Location, Location: The golden rule of real estate holds true when you’re flipping and selling a home in Chatham-Kent. Regardless of how nice you make a house look, if it’s located in a bad neighbourhood, on a noisy street, or is surrounded by other value decreasing elements, you will get a lower return on your investment...if any. Finding a home in need of some love in an excellent location? That’s where you’ll find value in the Chatham-Kent real estate market.
• Don’t price your house out of the market: Before you buy, you need to be educated regarding comparable home values on the Chatham-Kent real estate market. If all of the homes in the neighbourhood you’re flipping in are selling for $250,000, you should expect your home to sell for roughly that price. That means, if you’ve bought an old fixer upper for $150,000 and want to make $50,000, you shouldn’t spend any more than $50,000 on your renovations. Trying to sell the most expensive house on the block is always a difficult deal to close.
• Make a budget and stick to it: Right behind location, location, location, comes budget, budget, budget. Flipping homes in Chatham-Kent is all about making money. Real estate investment isn’t a game, it’s a business. If you go over your budget, you’ll cut into your profits, and eventually, you could lose money. Do your research regarding the costs of materials and construction before you buy. Utilizing the knowledge of a trusted Chatham real estate agent and construction company are wise. If you’re handy, doing some of the smaller jobs yourself is a great way to save money, and stay on budget.
• Bigger is better: When renovating the interior of a home, bigger is better. Home buyers in Chatham-Kent love large living areas. This doesn’t mean you need to purchase a huge home. What you need to do, is make your flip property feel as large as possible. Removing non-structure walls to create a more open floor plan, adding an outdoor living space or interior square footage, and using natural light, and light paint colours to open rooms is essential.
• The two most important rooms in your house: When it comes to spending, most of your money will likely go into the two most important rooms in your home: your kitchen and bathroom. Upgraded kitchen fixtures, cabinets, and countertops are eye catching features. In your bathroom, new sink fixtures, a large clean tub and shower, countertops, and a quality tile floor will have buyers drooling. Any Chatham-Kent real estate agent will tell you, renovated kitchens and bathrooms will speed up the sale of your home and are proven to increase value.
• Curb appeal is a must: Many experts state that as much as 8-10% of your renovation budget should be spent on curb appeal. Why? Because first impressions are everything. A well maintained exterior indicates to Chatham home buyers that the interior will be well kept and attractive as well. Often, when flipping a home in Chatham-Kent, much of the work is just clean up, and that process begins outside.

So you think you’re ready to flip a property in Chatham-Kent? If you’re looking for the perfect home to flip, I can help. Feel free to Contact Me or call my office at 519-360-0141.