After you’ve purchased your investment property and finished fixing it up, you’re going to want to put it on the market quickly so you get your money back—and then some. Over the years, there have been countless television shows that show people reselling flipped homes, but they don’t tell you how you can resell your flipper property as quickly as they do. They don’t tell you their tips and tricks, but we will.
When you follow these tips, you might be amazed that when you resell your flipped property, numerous offers may come in, sometimes well above asking the price!
1. Pay attention to the listing price.
When you are going to resell your flipped property, you are going to want to double check the comparable homes in the neighborhood and see what they sold for. You want to see if the price you’re asking for is realistic for the neighborhood, the home, and the upgrades. If you’re buying these properties at the perfect price, then you can do some nice rehabbing and then still resell your flipped property with the promise of a nice profit.
2. Always do a final walk-through around the property.
Whenever the contractor tells you that they are done, you should get to the site with a notebook and pen and take a walk-through the property. You’ll want to have the contractor follow you, too. While this might seem like a nitpicky thing to do, this is your money you’re talking about! Every tiny flaw that you let slip that is money out of your pocket. Things you should look for include:
- Lightbulbs in every fixture and the switches work
- No leaking faucets, toilets, or fixtures
- Make sure all appliances work
- Run the HVAC to make sure it works properly—and check the filters!
3. Staging is very important when you are selling a home.
You might be thinking, “Why to move furniture into a house I want to sell?” We cannot stress this enough, but if you are trying to get top dollar when you resell your flipped property, you have to create this vision for potential homebuyers that they want to live there. Not only that but if you have some miscellaneous rooms, the staging can help potential buyers figure out what the room is intended for. For example, perhaps you have an extra room off that is too small for a bedroom or living space. You could stage it to be an office or maybe even a small craft room.
4. Make sure the home has nice curb appeal.
When you’re trying to resell your flipped property, you want people actually to come into the house, right? If the yard out from looks like a mess, people will assume that the inside is equal as messy. So what do you to fix this? Make sure the outside looks great. Mow the lawn (or put sod down if the lawn looks that bad), plant new flowers and trim the hedges. Everything you do on the outside will help bring people in to see the inside.
5. Make sure the home has something special.
Everyone wants a home that is unique and special. Homes that are cookie cutter and look like every other on the block tend not to sell as well. If you want to make your house sell quickly, don’t be afraid to add some pizazz to the house. Use nice color combinations, unique tile work in bathrooms, or even making an old fireplace look incredible. These things may seem small, but to a homebuyer, it could be what really sells the place.