We have all heard stories about flipping houses and the profit involved in such a venture. I will attempt to give the reader some guidelines as I see the pros and cons of the practice. Even though it can produce profits, it also has some pitfalls to avoid. Following is my list of dos and don’t as I view it from years of real estate experience.
Buyer buys home.
Buyer makes improvements to home.
Buyer expects home’s value to increase.
Buyer learns that the money spent on improvements did not add value to the home.
Buyer is wrecked.
I’ve seen this too many times to even count. Homeowners spend their hard earned dollars on improvements that they believe will make their home worth more, but it really only makes a home more desirable. Allow me to explain.