Property values have increased by 13.2% over the last 12 months alone, fueling a rise in property investment.
As a result, the process of ‘’flipping’’ homes, with the purpose of turning a profit and creating a new income system, has become increasingly popular.
Whether you’re considering flipping your first property, or you’re a seasoned renovator, here are a few tips which will make the process as seamless as possible.
1) Select a location
Consider choosing a location that you know well, as you’ll have a better idea of what could improve the area.
Keep an eye out for up-and-coming areas, as they’ll be more likely to provide you with a better return on investment.
2) Stick to your budget
Deciding a budget and sticking to it is essential, as overspending can be risky.
Factor in the possibility of encountering unexpected issues, which may need fixing. Failing to do so could make the investment unaffordable later down the line.
It is important to remain aware of recent shortages of construction materials. Don’t let this hinder your investment but consider the impact of potential delays and how to deal with these if need be.
3) Do your research
Make use of resources to help you along your renovation journey.
The Legal Pack, a document composed by the seller’s conveyancer, includes important information related to the property and should therefore help you throughout the project. Pay attention to the small print, as these usually contain important details.
4) Recognize your strengths and weaknesses
Understanding what you can cope with by yourself and what you might need to hire help for will ensure that everything is successfully finished as quickly as possible, without the high price tag.
Consider using your family and friends to help with small DIY projects, they may be more knowledgeable than you think!
No matter what your property goal is, we’re here to help. Get in touch with our property professionals today for helpful advice and guidance.