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If you’re looking to make a new investment in property, buying fixer uppers could be for you. If you want to flip a house in order to sell it for a profit in the future, you’ll need to keep a few things in mind when searching for the right houses to flip.
What Could The Property Sell For After It Is Flipped?
As you look at different properties, think about your end game. Choose a property to flip that you see a lot of potential in. Envision the property and keep a post-flip listing price in mind. You’ll need to have some other numbers in mind when determining the final price for the property. These include:
- Construction costs
- Desired profit percentage
Understand the amount of profit that is left for you after all fees and expenses are taken into account. You want to be sure that the property is worth it for you as an investor.
Have A Vision For What The Property Needs
The kitchen and the bathroom are very important when it comes to property values and the attractiveness of a property. many times, these will need to be redone. The kitchen and bathroom also tend to be the most expensive rooms in the home to renovate. Also, consider adding amenities to the home. These could include beverage coolers, kitchen islands, fireplaces, or additional bedrooms. The home should have the things that will appeal to a large number of buyers. Also, consider the area where the home is located. A fireplace may not be as important in Los Angeles as it is in Vermont. Even simple things like changing paint colors make a huge impact in the home. If you need help finding your vision, just remember that buyers want to be able to see themselves in the home.
Find Dependable Help
If you’re going to flip houses, you’ll need to have a list of dependable people ready to get to work. These will include contractors and builders. You’ll eventually build an entire network of people who can be of service to you. You need to avoid making any changes that are personal to you. No matter how much you love the house, you shouldn’t make any elaborate changes that might be seen as ornate by another party.
Keep Things Fresh
If you stay on top of trends, you’re more likely to get more return on your investment in flipping houses. While you want to stay on budget, technology is key in today’s housing market. People want smart homes with automated lighting, speakers, automated temperature controls, and more. If you don’t have the budget to do the whole entire house this way, keep the improvements to key areas of the home like the entrance or living room.
Build A Good Reputation
House flipping can sometimes be seen as a shady business. If you build a good reputation and always do business in a way that has the buyer’s best interest in mind, you’ll succeed in house flipping.
Flipping houses may not be for everyone. Yet, with the right planning, you can find some success and satisfaction in home renovations.
It's amazing how one piece of carefully chosen, strategically placed furniture can drastically improve the look and feel of your kitchen, living room, or any other space in your home.
While it is very satisfying to pick out furniture that delights you every time you look at it, furnishing and decorating your home can take a big bite out of your budget. What many homeowners don't stop to consider, however, is that it is possible to get good deals on nice furniture without depleting your bank account.
Here are a few strategies for accomplishing that.
- Take advantage of sales, discount coupons, and closeouts. When a furniture outlet advertises that they "will not be undersold," it's often worth your while to stop over and take them up on that offer. First, however, it's necessary to know what the competition is charging for the same or very similar furniture. Once you're armed with that information, you're in a good position to pay the lowest possible price. Like any type of shopping, comparing prices will save you money.
- Dispense with your aversion to negotiating. Have you every heard people say "I hate negotiating" or "Negotiating makes me feel uncomfortable?" Are you one of those people? For whatever reason, it's a mind set many people have. The disadvantage of thinking this way, however, is that you may be missing out on chances to save hundreds, if not thousands of dollars a year. When you add up the savings and realize all the worthwhile ways you can use that saved money, you may reconsider your position on practicing the art of negotiating!
- Estate sales can potentially be a great source of good quality, reasonably priced furniture, and sometimes you can stumble upon incredible bargains. For obvious reasons, your ability to negotiate the best possible deal increases as the end of the sale approaches. When you play the "waiting game" or tell them you'll come back later or tomorrow, you do run the risk of someone else snatching up that great dresser, coffee table, or antique lamp you had your eye on. Waiting can be a gamble which sometimes (but not always) pays off. There's also an art and science to getting the best deals at antique shows, but effective bargaining requires the right mindset, a little knowledge, and plenty of practice.
- Attending garage sales can also yield great bargains and unique finds. Homeowners holding garage sales are often motivated to liquidate their old furniture --especially if it's a moving sale. If you've ever held a yard sale, yourself, you know that the last thing you want to do at the end of the day is to haul unsold furniture back to the house when the sale is over.
For those of us looking for small ways that we can contribute to an eco-friendly society, recycling is one of the best places to start. Since its inception in the 1970s, recycling technology has come a long way, making it easier than ever for consumers to recycle their household waste.
Although the excuses for not recycling are dwindling, there still can be a learning curve. Depending on where you live, there might be certain requirements you have to meet for your recycling to actually make it to the plant. And, in spite of the fact that we can now effectively recycle more materials than ever, there are still some items that you shouldn’t toss in the recycling bin.
If you’re new to recycling or just want to learn more about what you can and cannot recycle, read on.
Rules and regulations may vary
Let’s begin with a disclaimer: recycling isn’t the same everywhere. While many cities have free recycling and curbside pickup programs, some smaller towns and suburbs do not. In these instances, recycling is often a service provided by waste management companies in your area at a small added fee to your monthly garbage pickup bill.
What is single-sort recycling?
If you’re new to recycling, odds are you’re imagining having to sort out paper from plastic and metal and so on. However, due to single-sort recycling (also known as “no-sort” and “zero-sort” recycling) you don’t have to worry about putting different items in different bins.
With single-sort recycling, you can put everything in the same container and it will later be sorted automatically at a recycling facility using complex machinery.
What can I recycle?
Generally, the following items are now able to be recycled. However, you should follow the guidelines provided by your recycling company or municipal recycling facility.
Aluminum cans and foil.
2.7 million tons of aluminum is discarded each year, half of which gets processed at a recycling facility. The benefit of recycling aluminum is that it is 100% recyclable, so nothing is lost in the process. At the facility, aluminum cans, foil, and other products are shredded up and turned into small chips of aluminum that can be sent back for production and reuse.
Paper and cardboards.
Magazines, newspaper, cardboard, office paper, and juice cartons are just some of the paper goods that can be recycled. In the U.S., we recycling a large percentage of our paper goods due to the collection of newspapers. One item that people often toss in the recycling bin that isn’t able to be recycling is food containers that have food and grease seeped into them.
Most glass items are recyclable. However, crystal glass, heat-resistant glass, and ceramic items (like plates and mugs) are not able to be recycled at a facility and should either be repurposed or tossed out.
Electronics and batteries.
While you might not be able to toss most of these items in your recycling bin, there are several simple ways to recycle electronics and batteries. Calling your local appliance store, automotive retailers, and electronics stores like Best Buy often will take certain items for reuse and recycling.
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