Key improvements you need to make before flipping a house

Getting into the house flipping business can unlock lucrative profits and exciting opportunities. If you think it’s just a young person’s game, though, think again — plenty of seniors are discovering just how rewarding this endeavor can be. It could even help to fund your retirement! Every senior who aspires to flip houses should know how to get started and how to make key improvements before selling a home. Learn how seniors can hire qualified contractors, make strategic upgrades, and see big profits from the house-flipping industry.

Assessing How Much Work Needs to Be Done

One of the first steps to flipping a house is assessing just how much work must be done. The nature of flipping means that you’ll often be investing in properties that are distressed or even dilapidated. You need to be able to accurately estimate the labor that will be involved — and the cost — in order to ensure you’re making a wise investment.

To find an ideal property, look for a home that needs surface-level updates rather than structural corrections. There may be some major issues — and you may even have a hard time getting a mortgage — but properties like this are likely to offer the best profit margin. According to research, only 38% of flipped homes are financed, but you may still qualify for a mortgage that’s tailored to investment properties.

Once you’ve chosen a property to flip and you’ve assessed how much work must be done, it’s time to hire contractors. When you do so, it’s a good idea to have a payroll program set up that can ensure your workers get paid promptly. If you want to do small business payroll the easy way, the ideal system will also offer same-day direct deposit, tax filing and calculation, and payroll management. This kind of system is also great if you decide to rent your property rather than sell it and you hire people to manage its upkeep.

Choosing High-Value Upgrades to Invest In

Regardless of whether you rent your home to a tenant or choose to sell it, you need to select upgrades that will maximize its value. One of the best areas of the property to focus on is the kitchen. Adding a new backsplash or installing stainless steel appliances can have a major impact on the home’s appeal and resale value. 

Installing a range hood is another great kitchen upgrade that can be both functional and fashionable. In addition to creating a high-class look for your kitchen, a range hood will provide ventilation that prevents smoke, cooking odors, and airborne grease from circulating in the air. This improves the air quality and makes cooking a more appealing activity.

When it comes time to put your freshly flipped home on the market, you should focus on the improvements that you’ve made. It’s a good idea to hire a professional photographer so that the full appeal of the home is captured, too. Invite potential buyers — or renters — to view an open house and see the upgrades. 

House Flipping for Financial Gain at Any Age

Flipping houses is a physically taxing task if you adopt a DIY approach. Luckily, seniors can easily outsource the hardest part to qualified contractors. If you do so — or if you hire anybody to manage your property’s upkeep — you should be sure to pay them with a platform that simplifies payroll.