Moving Homes? Buy Low and Upgrade – The Concept of a Home Flipping

Last Updated on June 21, 2018

Moving from one home to another is a fun, yet stressful event that many Americans participate in many times throughout their lives. If you’re building a home, this article probably isn’t for you, but if you’re considering a move to a home that already exists, there are a few ways you can add your own personal touch to its design. Here are some strategies to help you get the most out of your “new” home.

The Concept of a Home Flipping

You might’ve seen a few television shows on TLC or the HGTV about flipping homes. If you haven’t, the concept is consistent across the board: buy a rundown home, fix it up and sell it at a much higher price than the renovation costs. Flippers are after one thing, and one thing only – return on investment (ROI). It’s kind of like the stock market, only with properties – and the practice is sweeping the nation.

Flipping Your Own Home

Please keep in mind that flipping your own home isn’t for the feint of heart, it requires much dedication, hard work and a whole-lot of elbow grease. This route is for the bold and ambitious only.

Step 1: find a suitable neighborhood

One of the hardest tasks in finding a new home is locating one in a suitable neighborhood. It becomes increasingly difficult to find a suitable neighborhood if you live near a major city because the suburban landscape changes quickly and some locations come with a premium cost.

Furthermore, if you have kids, research schools and assess the area’s safety. You can look up crime maps online for most metropolitan areas.

Step 2: find a home with your preferred layout and pre-renovation budget

It will take some hunting to find a “not-so-new” home in a great neighborhood (i.e. it’s unlikely that you’ll find a shack next to a saltbox house with a tire swing and white picket fence out front). When you do have a few options lined up that fall within the scope of your budget, assess the layout and visualize your upgrade plan.

Before purchasing a home, hire inspectors – they will give you further insight into other necessary repair needs. The seller might even negotiate covering some of these fixes.

Ultimately, renovating an older home can give you the amenities you want while reducing your spend.

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Author Bio: Mark Healey writes for You Move Me, one of the best Toronto Moving companies.