Over the past few years we have seen housing prices on the Sunshine Coast soar, alongside the rise of savvy renovators making the most of a buoyant market, cashing in on quick ‘flips’. Flipping houses is a term that has become more popular of late, as cashed up buyers seek out properties with potential, quickly renovating them and then reselling in the same market, cashing in on the demand for near new properties in great locations. As we are out and about in the marketplace, we are often asked if quick renovations are still worthwhile in the post-pandemic market. The answer is ‘potentially’. At First National Lifestyle Sippy Downs, we understand the importance of making informed decisions when it comes to property investment and that every circumstance is as unique as every home, so there is no one-size-fits-all answer. We have however put together this guide to help you weigh up the possibilities and to navigate the ins and outs of flipping Sunshine Coast real estate with confidence.
Understanding the Basics
Flipping houses involves purchasing a property, renovating or upgrading it, and then selling it for a profit. While this may sound straightforward, there are several factors to consider before diving in. At First National Lifestyle, we recommend starting with thorough research. Look for properties in desirable locations with potential for growth. Consider the local market conditions and the demand for renovated homes in the area. Also factor in the time and cost to complete your renovation to ensure there is still healthy profits at the finish line.
Budgeting Wisely
One of the keys to successful house flipping is budgeting wisely. Our experienced sales team understand that every market has ebbs and flows and therefore we advise setting a realistic budget for both the purchase and renovation costs. Factor in additional expenses such as taxes, approvals and permits. It's also essential to leave room in your budget for unexpected expenses that may arise during the renovation process.
Choosing the Right Property
When selecting a property to flip, it's essential to choose one with the potential for a high return on investment. Look for well-positioned properties that are priced below market value and have features that appeal to buyers. Consider the condition of the property and the scope of renovations required. Another great tip to choosing the right property is to work with an experienced agent, like any of our reputable sales team as we can help you identify Sunshine Coast properties with the most potential for profitability.
Renovating Strategically
The key to a successful house flip is renovating strategically. Focus on making improvements that will add value to the property without breaking the bank. Our sales team at First National Lifestyle understand what buyers really want and can help you select a property that has potential if you spend on upgrades that have a high impact, such as kitchen and bathroom renovations, fresh paint, and landscaping.
Marketing Your Property
Once the renovations are complete, it's time to market your property effectively. At First National Lifestyle Sippy Downs, we have extensive experience in marketing properties to attract potential buyers, not to mention an extensive buyer database of qualified buyers that we can contact directly when it comes time to maximise your return on investment. Utilise professional photography and staging to showcase the property in its best light. Discuss with your agent the best method of sale, whether it be by open negotiation, private treaty or auction, each method has its own distinct benefits.
Closing the Deal
When it comes time to sell your flipped property, it's essential to work with a trusted real estate agent who understands the local market. At First National Lifestyle Sippy Downs, our team of experts is dedicated to helping you achieve the best possible outcome. We'll guide you through the selling process and ensure a smooth transaction from start to finish. Working with the right agent you can trust and that has market knowledge, experience and negotiation skills can determine whether you master a flip or end up with a flop.
Flipping houses can be a lucrative investment opportunity when approached with careful planning and execution. At First National Lifestyle Sippy Downs, we're here to support you every step of the way. Contact us today to learn more about how we can help you achieve your property investment goals.