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3 Tips for Making Your First House Flip a Success

A lot of people have a romanticised idea of what it means to flip houses for money. They assume that they just find anundervalued property in a desirable area, make a few improvements, and sell it for a profit. But it’s much more complex than that. First of all, the housing market is sometimes unpredictable and flipping houses for profit can be tricky. There are also some common pitfalls you’ll have to avoid. Let’s take a look at a few tips for making your first house flip a success.

Learn What BRR Means

If you want to understand flipping, then you need to get familiar with BRR, or buying, refurbishing, and refinancing. Simply put, you need to find properties being sold at a good price that only need a bit of love, which you could finance with a short-term bridge loan instead of a mortgage. Unless the properties you are looking for tick these boxes, you are likely to get in trouble at some point. Make sure you understand the exact details and intricacies of each property you’re looking at purchasing, and it’s a good idea to learn more about bridging loans too if you aren’t sure how they work as they can often be crucial to house flipping. 

Fake it Till You Make It

We also suggest that you start looking at cheap alternatives and know how to get high-end results with more affordable materials. Learn how to use veneer where you can and start learning about things like luxury vinyl tiles and laminate. Learn how to make simple aesthetic changes that will add value to your property too.

You’d be surprised at how much a bucket of paint could add to your property in terms of value. Just changing the colour of the front door could add thousands of pounds to your property. Things like adding a tree to a front garden could also instantly boost a property’s value without too much work. Once you find a few things that work, you can start doing the same modifications to every home you find and pick properties that could be easily improved.

Find a Good Surveyor

One of the most important professionals you’ll need to build a relationship with when flipping houses is a surveyor. A surveyor will be able to look over the property and know exactly what’s wrong with it. They will also check materials to make sure that you’re not getting cheated in certain areas.

If you’re thinking of buying houses in Norwich, for example, then hire an RICS-approved house surveyor in Norwich as soon as possible, so they look up the property before you buy. A good house surveyor in Norwich may find hidden issues like mould growing in certain areas or damage to major structures. Or they may identify issues that can be hard to find, like irrigation issues, for instance. You cannot buy homes without a good surveyor, so start looking for one today and check their certifications before you hire them.

These are some of the things you need to do to make sure that you at least don’t get burned with your first property. Becoming a good house flipper takes time and practice, so don’t rush, and try to learn from any mistake you make.