How to Fix and Flip a Home in Baltimore

Thanks to popular shows like HGTV and Magnolia Network, house flipping has been on the rise over the last decade. While the tv shows make it look easy, there is actually a tremendous amount of hard work and planning that goes into flipping a renovated property. If you are considering fixing and flipping a house in Baltimore, keep reading for a few helpful considerations and tips. 

What Does It Mean to Flip a House?

Before we begin, let’s talk about what a fix-and-flip house is first. House flipping is when a buyer purchases a dilapidated property in order to fix it up, resell it, and turn a profit. Property owners usually look for homes to flip at bank auctions or foreclosure sales. There is a lot that goes into successfully fixing and flipping a home if you want to make a decent profit. Here are a few helpful considerations below.

Do Your Research

It’s not just the home itself that needs to be ideal for a flip, but the area surrounding it, too. Make sure you do your research and find a home to flip in a desired neighborhood with good resale values. Take your time researching different neighborhoods and looking at property comparables from recent sales. It’s a good idea to work with a professional real estate agent during this step to ensure you are buying the best possible place for your budget.

Budget Accordingly

Once you’ve narrowed down the area you want to buy in, it’s important to make sure you have an established budget to support your project. The home you want to buy and flip is an investment, so you have to think of this project as an investor would. That means establishing a realistic budget with wiggle room for emergencies or unexpected repairs. It’s a good idea to bring along a contractor to look at the property before you buy to give you an idea of what the project will cost to fix up.

Get to Work

What’s the easiest way to increase your profits when flipping a home? Spend as little money as possible, of course! That means you may have to get your hands dirty and pitch in to take care of most of the work yourself. Of course, you may need to hire a professional to perform specialized tasks, like electricians or plumbers. But if you have the means to save money and perform some of the work yourself, like painting walls or cleaning up the landscape, then do it! 

Time to Flip

Once your repairs are completed, then it’s time to list your home for sale! Remember that the more time your property is on the market, the less profit you will make. So you want this process to be done quickly and efficiently. Work with a professional real estate agent who can help you properly price and sell your flip fast.

If you are looking for a real estate agent who knows the Baltimore area and can help you explore your options, I’d love to meet with you. Reach out to me through my website or give me a call at (302) 545-8569, and follow my blog for more home buying tips!