In a market dominated by cutthroat prices and promises of quick profits, it’s easy to invest in the wrong home flipping project. Unfortunately, finding the right real estate investment property is more difficult than the media makes it seem. To earn a profit, home-flipping requires nuance, high standards and a predetermined direction. Finding the right home-flipping team to partner with is equally important. Read on to learn the key elements of a great home-flipping property on Long Island.
1. The Property Is An Ideal Location
The timeless real estate cliche “Location, location, location” rings true in almost all geographic markets. The better the location of your home, the better your chances are to flip it and earn a high return.
While certain areas on Long Island are certainly more desirable than others, the Long Island housing market is very profitable. The job market is booming, the education system is almost universally praised, and it’s considered a great area to raise a family. This is ideal, as a large percentage of home-buyers are families, or couples looking to settle down and start families.
Sometimes, though, selling a home on Long Island is difficult. Atlantic Shores Home Buyers specializes in flipping homes throughout Long Island.
2. The House Is Structurally Sound
For many home-flippers, this is where it begins to get tricky. Naturally, the most appealing homes are the cheaper properties of the area. But, selling the home in better condition than you bought it is critical to flipping successfully.
The best approach to flipping a home is hiring an in-house construction team. By paying a team of employees specifically to restore the foundation and other key functional parts of the home, you can market the property as a long-term home for prospective buyers. You can also pay workers a fair price, and ensure that the construction team is not taking advantage of your services.
At Atlantic Shores Home Buyers, we have our own in-house construction team. Each property we sell is maintained by our construction team, so that buyers are pleased with the good standing of the home.
3. You Can Handle Aesthetic Repairs
They are not time consuming or costly, but to maximize the chance of a sale, minor aesthetic repairs are imperative.
When a potential buyer arrives, a shoddy interior appearance will be a quick deterrent. So, repainting the walls, replacing the deteriorated flooring, and making the necessary roof repairs will go a long way. Like structural repairs, aesthetic repairs are best handled by a construction company with the proper resources, equipment and expertise.
4. You Live or Work Close to The Property
The right home-flipping opportunity takes time — quick opportunities do not offer the same return. The reasoning behind this is fairly simple. In order for the buyer to pay significantly more than the flipper initially paid, there must be noticeable improvements.
So, for this to be worthwhile, find a property that’s within close proximity of your home or office. Or, if this is not possible, then enlist the help of a friend in the area. Constantly driving to a distant property to check on construction or communicate with real estate agents is less than ideal.
5. The Initial Value is Low
In simple terms, the property you purchase should be valued below the median property in the area.
After refinishing the home, its value will rise dramatically. With the right adjustments, you can cause the value of the home to double, making flipping a rewarding process.
6. The Kitchen and Bathroom Are Key
And not just for aesthetic reasons, either.
Kitchen appliances may not cost a fortune, but home buyers do appreciate the value of existent appliances. Furthermore, finished spaces that can accommodate extended families on holidays are great, too. So, remodeling the kitchen is a great idea for home flippers looking to improve the aesthetic and functionality of the home.
Similarly, a vibrant bathroom is quite welcoming. If there is extra, unused space, consider adding a new bathroom.
Make The Right Home Flipping Decision Today
To truly make a substantial profit through flipping a home, you need a team that you can trust. With years of home-flipping experience and a versatile in-house team, Atlantic Shores Home Buyers takes care of each step in the process. Contact us to learn about upcoming investment opportunities.