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Flip a House By Deborah C. Gerbers
Flipping a house is not as easy as it looks on TV — there are many details that need to be considered before making an investment. Turning over a house with proper improvements can be more of a commitment than most people anticipate. But by understanding local regulations, being conscious of costs, and working with local professionals, you can make a successful investment in the end. According to real estate experts at forbes.com, there are several steps you should take before choosing an investment property and beginning your project to get the best possible and most equitable outcome:
Understand the local market and guidelines before purchase. To execute a successful real estate investment, it is important to educate yourself on local rules and regulations. Be aware of government regulations, neighborhood codes and other factors that will affect the costs, price and total investment. In Allen County, unless you plan to live in the home you’ve purchased for renovation, you will need to obtain proper licensing for subcontractors, plumbing, HVAC, framing, roofing and other aspects.
Know the neighborhood and be selective. Be sure you know everything you can about a specific neighborhood before buying an investment property there. If you overdo a home in a not-so-great area, you won’t get as much money as you had hoped for; on the other side of the coin, if your investment house does not add up to neighboring values, you’ll have the opposite problem. Is the area up and coming or well-established? Ask yourself these questions first.
10 Home Living | August 2021
