Home Flipping -- Is This Still A Viable Business
Have you been considering a repair or upgrade to your bathroom
? Maybe it involves replacing a shower door. Homeowners will find that spending money for certain upgrades is going to yield a positive return on investment. In fact, many homeowners should not fret about upgrading a bathroom at all. Just complete that shower door repair. Home prices in some areas of the country have not suffered as much as the rest of the world when it comes to home sales.Do not look now, but the real estate market is not looking too good. In fact, in many areas, home values have plummeted more than 50%. With that in mind, you may still be able to make a positive change in the value of your home by updating the right rooms. The bathroom is one of those rooms that, when upgraded, adds high value to the resale value of a residence. If you have been in the house flipping business, you know exactly what is going on with home prices. However, this might be the right time to buy and sell homes in some areas and if you choose the right properties.
Typically, a dollar invested in upgrades to the kitchen or bathroom will return double on your investment. You just have to be shrewd when looking for properties. As always, buy low, fix or upgrade the areas that will add the most to the home value, and sell for a profit. While it is true that the business of home flipping is not what it was just a few years ago, it may be possible to make money even now by choosing the right homes to buy and then making the repairs and upgrades that will improve the house value.
There are, however, homes you will want to avoid unless the deal is so sweet that you cannot pass it up. Homes that do not return positively include those that need repairs to areas that would be considered normal value. One such repair is the roof. People expect a good solid roof when the buy a home. From an investment standpoint, putting a new roof on will not return anything. In fact, it will have a negative impact on your investment.
This is definitely a buyer's market. People are walking away from homes that were purchased during the boom years in the early 2000's. Banks want to unload those homes, and they will do it at low, low prices. This, in turn, is driving down the prices of homes that are not on the market as distress sales. And, the good news for home flippers is that the ones in need of upgrading are even cheaper. Additionally, the unscrupulous home flippers of 10 years ago are gone, having moved on to some other "easy money" business. Now is a good time for legitimate real estate investors to do some good and still make a decent profit. If you can find the right property, it can happen just about anywhere to do renovations and sell the property to make a profit.
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