If you’re like many people, you’ve considered buying a house at a really (really) affordable price, fixing it up, and selling it for a profit.
But is house-flipping really all it’s cracked up to be?
What Makes a Good Flip?
First, you need to make sure you’re getting a good price for the value. You’ll have to cover repairs, loan costs, closing costs, commissions, and your own profit.
The best way to figure that out is to ask your Lake City Realtor® to help you determine the house’s after-repaired value, or ARV. That way, you’ll know what the house will probably be worth when you’re done fixing it up and you put it on the market.
The house also needs to be in a desirable location, because that’s one of the major factors that’ll affect its eventual selling price.
Be aware of the home’s condition, too. You don’t want it to become a money pit (remember that movie?) that costs you more than it’s worth. Usually, kitchens and bathrooms are the make-or-break rooms of the house – so if those are in poor condition, or if their layouts are too dated (meaning they’re closed-in and not easily accessible) you might want to keep looking for a better house.
Do You Need to Talk to a Lake City Realtor® About Buying a Home?
Whether you’re buying a house, a farm, or a tract of timberland, we can help you find something that’s just right for your needs.
Call us at 386-243-0124 or contact us online. We may be able to help you find the perfect property in Lake City or the surrounding communities.
In the meantime, check out our:
- Waterfront residential
- Waterfront land
- Bank-owned and foreclosures
- Short sales
- Paved road frontage
- Non-deed-restricted land
- Wooded oak tree land
- Land for land home combo