After several years of diligently saving money, I’m nearly ready to purchase my first home. Because I’ve been thinking about buying a home for so long, I know exactly what I want my house to look like. I desire a place that has three bedrooms and three bathrooms. I also need a quiet space to set up my home office in. I want a massive, walk-in closet in my master bedroom. My master bathroom needs to have double vanities, a tiled, walk-in shower, and a Jacuzzi tub. On this blog, I hope you will discover how to set priorities during your new home search. Enjoy!
If the house that is across the street from you is for sale and it is not in good condition, you should consider buying it anyway. Because the home needs repairs you should get it at a much lower price. You can then make changes to the home and then resell it for a higher price. This is known as house flipping. You must have an excellent credit score to be able to get a home loan with a good interest rate. You also need to have the cash to put as a down payment. You need cash to do the repairs that need to be done for the home, or you could get an equity line of credit for this purpose. Below is more information about flipping a home so you can get started making money:
Contact the Realtor
Get the realtor's name from the sign in the front yard and contact them about the house. Find out what they are selling it for and ask to do a walkthrough of the home. You may even want to hire a home inspector. This is because a home inspector will be able to find damage that you may not see, such as problems with wiring or plumbing. Some repairs can be very expensive and if you cannot afford to pay for high repair bills consider not buying the home.
If you do find that you can take care of the problems, offer a much lower price for the home. Tell the realtor the approximate costs of taking care of the damage. They should have no problem selling it to you at the price you offer.
Make Home Repairs
You want to spend as little money as you can making the home ready to sell on the market. For example, if the home has old wallpaper and carpet these two things are not expensive to replace. The roof may be in bad condition and you should replace it if so.
The kitchen is the most important room in the home. If the cabinets are old you can repaint them instead of installing new ones. New hardware on the cabinet doors can make a difference. New flooring does not have to be expensive as you can choose linoleum or vinyl. Add motion sensor lighting outside and plant some annual flowers across the front of the home. Hang a basket of flowers filled with fragrant flowers on the porch.
If the outside of the home does not look attractive give it a new paint job, repair the front porch, etc.
Sell the Home
When the home is ready to sell, you can list it with a realtor, as they understand how everything works and can do everything for you. This can save you a lot of time. If you do not want to pay realtor fees, you can sell the house yourself. Do not do this unless you have some knowledge as it will take you much longer to sell the home.
Consider if you do it on your own you will have to show the home every time someone is interested. This can take up a lot of time. A realtor could do this for you instead so you will not have to be there.
You may find that you like flipping homes so much that you would like to continue doing it to make even more money. Contact a company like RE/MAX PLATINUM LIVING for more information and assistance.