Palm Desert House Flipping Tips
Getting familiar with the following Palm Desert House flipping tips will acquaint you with how to engage more sellers and be more efficient. Currently, Palm Desert housing inventory totals 621 homes with 3 percent of these homes being distressed homes.
Detach your emotions. Flipping is a business, and you need to think numbers, not emotions. When you get emotionally attached to a property, you will run the risk of overpaying for the property and upgrading the property to your likings and not buyers standards, both of which could reduce your profit margin.
Don’t forget curb appeal. Buyers opinion of a home forms at the curb. When you overlook curb appeal, buyers won’t have the same enthusiasm of the home and may overlook the upgrades done inside the home simply from being turned off from the outside of the home.
Upgrade kitchens and bathrooms. The typical buyers will not purchase a Palm Desert home with an outdated kitchen unless it is priced $50K to $60K below market value. Upgrade the rooms with fresh paint, refinish cabinets, swap out the old hardware for new and update the lighting.
Always have a timeline. Time is money, and you should have a detailed list of renovations to be done in a specific timeframe.
Hire a good contractor. A good contractor means less chance of having poor quality materials and workmanship which could reduce the resell value of your home and less chance of having to have the repairs redone.
Implement a good marketing plan. Get net savvy or enlist a good real estate agent; 94 percent of homebuyers start their home search via the Internet.
Have exit strategies. Know what you’ll do if your Palm Desert home doesn’t get sold. Will you rent it? Wholesale it? Etc.