Depending on how big the job is, you might even need a project manager to make sure the project stays on track and that everybody meets the agreed project completion deadline. Referrals are often the best recommendation. Ask reliable and competent builders, architects, electricians, plumbers, painters, handymen and landscapers to quote on whatever it is you need and to confirm their availability before you commit to the purchase. Your team can make or break the job, if you’re not doing it yourself. There’s no point decorating the property according to your taste – you’re not going to be living in it – so set your sights on enhancing what can be improved without spending a fortune to make it design magazine-ready. Know how much you can spend on renovation and whether that investment will be enough to gain the profit you’re looking for when you’re ready to sell. This tool allows you to see the seasonal and long-term changes in property prices and sales throughout the country. You can also use Property24 to check property trends throughout South Africa. Also look at positive influences on property prices such as low crime rates as well as proximity to schools, public transport, retail centres and/or neighbourhood supermarkets as well as recreational areas and outdoor spaces such as public parks. Look at sales over the preceding six months. Real estate agents are a good source when it comes to tracking property prices per area. If you’re new at house flipping, you’ll want some advice on location.
Location, location, locationīuying the worst house in the best area and renovating it will get you a better return than the reverse scenario. Once you’ve decided on what you’re prepared to invest, and have approached a reputable bond originator such as ooba Home Loans to assist you in securing the home loan finance to do it, should you need finance, set a budget for the renovation and stick to it. Here’s a guide to flipping houses for beginners: 1. The low rates improve your chances of making a profit. With interest rates currently at their lowest point in five decades, now is a good time to purchase a home using a home loan. You can make money from flipping houses, but do your homework to make sure you choose the right property for the home loan finance available, should you need finance, so that you can be sure of making a reasonable profit once your renovation is complete. For many, this is their main business, for others it’s a sideline. Flipping houses: Unleash your creativity for a profitįlipping houses often starts when people with creative or decorative flair, some financial means, time on their hands and/or an eye for a bargain find a way to channel their energy into a passion project.
Yes, you can make money from this but you can also lose money if you make bad financial decisions. What is house flipping? It’s when you buy a home, usually at auction, with a view to fixing it up and reselling it for a profit.