Thanks to reality TV and the sellers housing market, house flipping has never been more popular. However, if you’re new to the game, we urge you to do your research because house flipping is not for everyone. What may seem like the perfect opportunity might instead end up costing you a lot of money if it’s not the right property for a flip. So let our team at GVC Mortgage help you make the right choice.
Choose the Right Location
You’ve heard it before, the three most important factors in real estate are location, location, location. And honestly, it’s an old expression for a reason, because it is just as true today as it was when the phrase was coined. There is nothing that will determine the value of your flip house more than where it is located. Frankly, no one wants to buy the best house on a bad block, so if you want to be able to sell this house later, pay attention to the location! Find a house to flip in a good neighborhood, with a good school district, and in close proximity to stores and/or public transportation.
Choose the Right Size
When choosing a flip house, you want it to be different in some ways from other properties for sale in the area, but fundamentally the same. Here’s what we mean: if all the other houses are 1,800 square foot, 3 bedrooms, with 2-1/2 bathrooms, you’ll want your house to be close to that. A much smaller house, even with a lot of upgrades, isn’t going to appeal to a buyer in that neighborhood. Similarly, a much larger house with more bedrooms will likely be too expensive for the neighborhood, especially considering the upgrades you have planned.
Choose the Right Lender
If you want to know if a house will make a good flip, you have to look at the numbers. The financial consideration is a big factor if you want to be profitable in your house flipping endeavors. If you’re thinking of buying a house to flip in the Indianapolis area, let our experts at GVC Mortgage help. Contact us today at (317) 564-4906 with any questions, or reference our online resources for more information.