Have you ever been compelled to take a sledgehammer to drywall? To tear up that stained old carpet and install hardwood floors? To slap a fresh coat of paint on the exterior of your home to increase its curb appeal? Well, it is time to channel your inner Chip or Joanna Gaines and take steps to renovate your home– and even turn a profit.
Flipping houses is an incredible way to earn a paycheck or to supplement your existing income. It involves taking an abandoned, abandoned, or even disgusting home with good bones and turning it into any buyer’s dream. And, the better part is that anyone can do it!
Thanks to our handy friend, the Internet, there are instructional videos, books, and resources available with a straightforward search. So, take note of some HGTV shows like Flip or Reverse, do some digging on the internet, and come up with your own plan to flip houses and turn a profit.
The profit turning over the home is at a 20 year highs. In fact, the average gross profit of a flipped house at the end of 2020 was $73,766: far above the average income in America! This may have something to do with the absence of growth in the housing market since 2010.
In the last decade, the housing supply has grown an unimpressive six percent. It is promising for home renovation area. As the housing market is growing at a sluggish rate, economics tells us that this means a high demand for homes across the nation. As a resource such as land becomes more and more scarce, it provides new house owners with a greater chance of looking at a renovated home, rather than new construction.
Flipping houses can be a rewarding experience, both emotionally and financially. However, it should be noted that the process doesn’t come without risks. If you are doing home renovations, make sure to follow all the proper procedures and hire professionals for tasks that require specialised knowledge.
