When you begin your journey flipping homes, there are some things you need to know, and other things you will want to avoid. We’ve
put together some tips on how to sell a fix and flip house fast
in New Jersey.
Flipping a home in New Jersey can be a great way to turn a profit, but it is never as easy as it appears on HGTV. We hope our tips and
tricks will help you sell a fix and flip house fast!
First You Must Understand Your Location and Market
They say a home’s value is based on location above all else. 60% of the home’s value comes from where it is located on the map. Home
prices may vary drastically as you move from neighborhood to neighborhood.
A house that might be a great value in one part of town, may sell for considerably less just a few miles away. Make sure you have done
your homework and have a good understanding of home prices in YOUR neighborhood.
You will also want to have a grasp on the demographics in the area. Who is buying? Families, seniors? What are they looking for, and
what can they afford?
Don’t Over-Improve The Home
When making improvements to a home you plan on flipping, remember that less is more. There are no guarantees that you will recoup the
costs spend to fix it up. Replace things that are not working or that appear very old but leave it at that.
Do not sink money into a home adding excessive details and upgrades. If bathroom cabinets are old and ugly, replace it with a simple
(and cost effective) pedestal sink.
Always keep in mind, that no matter how many upgrades you make, a home will not sell for $500k, when the neighboring homes are going
Price Your Home Before Anything Else
Before you sign the papers to buy the home, have the number in your head of what you will sell it for. Be careful not to overinflate
this number. You should be pricing low in order to get a buyer and sell the home fast.
Be realistic and stick to your numbers. Do not think that by making a $40k renovation to the basement, you will be able to add $40k
to your asking price.
Review all your numbers before getting started, and keep in mind, repairs typically require more money than what you initially plan
for, so give yourself some cushion.
Only Drop Once
When you initially price your home, give yourself enough room to drop the price once. Plan to make a significant drop of $5-$10k if
the house isn’t receiving much attention at your original asking price.
You will only want to drop the price once. Dropping the price more often can make the house appear as if something is wrong with it,
or that you are desperate to sell.
Before starting any real estate investment project, it is important to educate yourself and work with professionals you can trust.
To learn more about selling a fix and flip home fast, give our office a call today! (908) 456-1593
We research the details of your home and start crafting a great offer for you.
We present you with a fair cash offer with no obligation and no fees.
Get the cash you need now. You do NOT have to wait 6 – 12 months to get your house sold.