Location is key when it comes to both purchase price and resale price, as purchasing a home in a great neighborhood is going to result in buyers also wanting to be in that neighborhood. Keep in mind who your target buyer is going to be as well. Knowing the liveability factors of the neighborhood you choose is going to play a large role in how you renovate and market your flipped home.  

Once you’ve narrowed down your preferred neighborhood, make sure you consider the type of buyer you want to purchase the home once the flip is complete. By doing this, you can renovate the home to cater towards their preferences and budget. If your target buyer is a new family, think about the kinds of features that will benefit them as their family and kids grow, whether that be lots of storage or good backyard space. If you’re renovating with the intention to sell to a professional couple, consider their lifestyle and what elements you can put into the home that will cater to them. Considering your target buyer can help to not only give you direction in the design and renovation phase of the flip, but can also help you with resale value, as your flip will hopefully check all the boxes for potential buyers! 

Timing plays an important role in your house flip and because you’ll be making mortgage payments, you will want to sell the property as soon as you’re done renovating. Take into account the timing of your purchase, how long the renovation is going to take and when you plan on selling. When you start working with your contractor, make sure you set a timeline for the project and stick to it. If you can have a fast turnaround from purchase date to sale date, that is ideal as you then won’t be stuck having to pay the mortgage while the house sits empty, either mid-renovation because of going over your timeline or sitting on the market if you try to sell at a tough point in the year. Be conscious of your timing and plan everything out as best you can to avoid any situations that might affect your budget and overall profit. 

Once you’ve completed your renovation, the final step is to determine an asking price for your project. Check with Nicole & William to determine the right asking price for your property. You want to make sure you’re attracting buyers, covering your expenses and making some money on the flip. Pricing too high for the neighborhood can turn buyers away, which will leave you stuck paying the mortgage while the house sits empty. Pricing too low might attract a number of buyers, but you may not make enough to recoup the costs and make a profit off of the flip. Your realtor will be able to suggest an appropriate listing number based on the location, liveability factors, upgrades and other comparable properties in the area. 

While flipping a house is a lot of work and can seem daunting to those who have never gone through the process before, if you take the time to research and educate yourself, work with a great realtor and contractor and stick to your budget and timeline, you can reap the rewards of your hard work when your flipped property sells and you pocket your profit!