Buying Homes to Fix and Sell
Posted by Hughes Group Blog Team on Saturday, June 17th, 2017 at 5:11pm.
Some people have the gift of a golden thumb—one who is great at doing what others feel is the impossible. For instance, most people don’t have all that is required to fix up a home without training, knowledge, and the physical capacity to do all that taxing manual labor. However, some people are great at it, and enjoy it to boot. For those people with the knack for fixing and building, buying homes to fix and sell is a profitable business.
Before you give up because you don’t have any prior experience in fixing up and selling homes, stop for a moment and think of the possibilities and financial opportunities that come with this job. You may not even have to be the one to do the manual labor. Intrigued? Check out the following list of things to consider as well as benefits and drawbacks to fixing up a home to sell.
Things to Consider:
If you want to fix up a home to sell, there is a lot you need to remember. First, remember to focus on the exterior of the house as well as the interior. You don’t want to fix up the inside and forget about the part people see first. Another thing to remember is that keeping things tidy goes a long way; repaint or re-wallpaper the walls, touch up areas that are chipped, make sure there is no mold or holes anywhere, and be sure that nothing is cluttered. The last thing you would want to do is fix up a house and make it a great place to live just to have someone get turned away from it due to clutter and lack of appeal when they walk through the home once it’s finished. Don’t scrimp on any part of the process--re-carpet, finish off areas that need to be finished off, and update what needs to be updated, whether it’s the heating unit or the kitchen appliances.
Don’t forget about the garages, sheds, basement, and closet space. You don’t want to just make the house liveable--you want to fix up the house and make it a beautiful creation of art. It doesn’t need to be fancy or even unique, it just needs to be done (not half-done). A nice garage goes a long way, so making sure the garage is all cleaned up and in working order could mean you get a buyer when you wouldn’t have if the garage door and/or its opener was busted. Make sure closet and storage space isn’t skipped over as well. If you are unsure how to proceed in fixing those areas up, seek the help or counsel of a professional.
As for deciding whether or not you should fix up and sell a home, there are pros and cons to the process to consider well before you should be trying it out. The benefits and costs are as follows:
*You could get a lot more bang for your buck. If you can afford to buy a house and are confident in your skills of fixing it up, and maybe even have a team behind you (whether it be co-workers or friends), you will likely only have to put in a fraction of the price you will get the house for in the end. So in the long-term, you will most likely make money off of the investment.
*You will learn valuable skills that will help you in your own future home as well, which could also save you money in the long-term. You won’t need to hire someone to check something out in your home or fix it, as you will know how to maintain the home and fix it up when needed (and if you want to sell your home in the future, you will know what types of things work in the selling process so you can fix up what is needed at that time).
*If you don’t know what to do or how to go about fixing up a home, or maybe don’t have the money or resources to follow through with the job, you will lose your money and will no longer have an investment.
*It takes a lot of time, effort, energy, and patience to fix up a home (especially if you’ve never done it before). So be prepared for frustration and learning.
Whether or not you decide to buy a home to fix it up and sell, you should prepare yourself and learn what will be needed and expected of you to do when going through with the project if you do decide to jump on the opportunity. As long as you prepare and get ready to do it right before buying the home, you should be able to get the money you put all your hard work into in the end.