Getting into the house-flipping game in Springfield? Well, there are some things you should know and others you’ll want to avoid. We’ve got some tips to help you sell a fix and flip house quickly in Springfield. Fixing up a house in Springfield can be a good way to make some money, but it’s not as easy as it looks on TV. Don’t worry, though! Our tips and tricks are here to make it easier for you to sell a fix and flip house fast!
First You Must Understand Your Location and Market
The key factor influencing a home’s worth is its location—where it sits on the map determines a whopping 60% of its value. As you journey from one neighborhood to another, you’ll notice significant variations in home prices.
A house that seems like a fantastic deal in one part of town might be up for grabs at a much lower price just a short drive away. It’s crucial to do your homework and get a good handle on home prices in YOUR neighborhood.
Beyond just prices, understanding the folks in the area is vital. Who’s in the market? Families or seniors? What are they after, and what’s within their budget? Having a solid grasp of these details will set you on the right path as you navigate the real estate landscape.
Don’t Over-Improve The Home
When you’re fixing up a house to sell it for more money, remember to keep it simple. You might not get back all the money you spend on fixing things. Just focus on repairing what’s broken or really old, and don’t go crazy with fancy upgrades.
Don’t waste your money on adding too many fancy things to the house. For example, if the bathroom cabinets look old and ugly, just swap them out for a basic and affordable pedestal sink.
And always keep in mind that, no matter how much you improve the house, it won’t sell for a high price if other houses in the area are much cheaper. Pay attention to what similar houses are selling for around you.
Price Your Home Before Anything Else
Before you sign the papers to buy the home, make sure you’ve got a clear idea of the price you’ll set when you decide to sell it later. Be cautious not to shoot too high with this number – aiming low is key to attracting a buyer and making a speedy sale.
Stay practical and stick to your set figures. Don’t fall into the trap of thinking that splurging $40k on a basement makeover automatically means you can jack up your asking price by the same amount.
Take a good look at all your figures before diving in. And remember, repairs often end up costing more than your initial estimates, so it’s wise to build in some extra wiggle room for unforeseen expenses.
Only Drop Once
When setting the initial price for your home, make sure to leave some wiggle room for a potential price reduction later on. Consider planning for a substantial drop, perhaps in the range of $5,000 to $10,000, if your house doesn’t attract much interest at the original asking price.
It’s advisable to limit price reductions to just one. Multiple decreases may create the impression that something is amiss with the property or that you’re overly eager to sell.
Before diving into any real estate venture, it’s crucial to equip yourself with knowledge and team up with trustworthy professionals. Educating yourself and building a reliable network can greatly contribute to the success of your investment project.