The first way to maximize profits on a house flip is to sell more properties. Selling properties fast is a way to make your profits skyrocket. If you average selling one house per year at a 10% profit, if you can sell three houses per year your profits just potentially tripled.
Maximize profits on a house flip, more tips below
Second, you need to do your research so you know the area (community growth, high or low crime rate, quality of schools, cost of living) that you are purchasing a house in to maximize profits on a house flip.
Third, when selling your houses highlight everything you have done to maximize profits on a house flip by making a list of all the projects you have completed on the property.
Fourth, when deciding where to put your money to maximize profits on a house flip think structural. Structural parts of the home are vital making sure the foundation and shell of the home are sound.
Fifth, think of the bathrooms in the home to address when trying to maximize your profits on a housing flip because buyers look at your property and say, “well this has an additional bedroom, but one less bathroom” or “this has a fancy kitchen, but not enough bathrooms (or too small of bathrooms).” The size, location, and number of bathrooms is a must when thinking of how to maximize your profits on a house flip.
The sixth area to look at to maximize profits on a house flip are the number of bedrooms or the size of bedrooms. If your able to take a wall down and go from two small bedrooms to a master suite it may increase your home value.
The seventh is small aesthetic improvements such as paint, light fixtures, plumbing fixtures, flooring, appliances, and windows and doors. Your budget needs to be kept in line on everything that you invest for your flip home.
Eighth, you need to sit down with your contractor and go over the budget and if you have allowed enough for the items that need done. Your contractor should be able to make you aware of any unforeseen expenses that may come up to be allow for or to be prepared for.
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