Flipping houses is a hot topic these days. Here are 10 tips to help you find the perfect flip from
HGTV’s The Big Flip renovator’s John Stassen and Randy Mackay.
1. Find properties that are diamonds in the rough – homes that are rundown in
comparison to those around them – as these often have a low list price.
2. Are the surrounding properties well maintained? This can add value and clinch a sale
when your house goes back on the market.
3. Scrutinize previous renovations. Poor quality workmanship can mean you have paid a
premium for finishes that you will have to repair or replace yourself.
4. Can you add bathrooms, storage or enlarge a small kitchen to meet the needs of
today’s average family? If you can’t, walk away, as these features often make or
break a sale.
5. Ensure you do a thorough home inspection before purchasing properties – this could
save thousands of dollars in the long run.
6. Identify your potential buyers (i.e. young professionals or families) and design the
house with their needs in mind.
7. Find a real estate agent who understands the market. There are thousands of real
estate agents; get one who is experienced and understands the business of flipping
houses!
8. Do your research and find areas that are up and coming. Neighbourhoods that are in
the early stages of being gentrified often contain homes that offer large returns on
their investment.
9. Be realistic with your budget and always leave room for hidden costs. Early budget
optimism can mean cost cutting later on, which means sacrificing quality – and
profits – in the final sale.
10. Keep your eye out for properties with good layouts that can be easily updated with
new paint and trim. You may get lucky and find a home that’s a good price and only
needs finishing touches, adding tens of thousands of dollars with minimal
investment.
(Article by John Stassen and Randy Mackay / www.hgtv.ca)