The cost of brand new homes is constantly rising. This rise is partially due to the ever-increasing prices of materials and labor, but it’s also because more and more people are interested in buying homes. The demand for new homes is high, and it doesn’t look like it will decrease any time soon. With prices reaching an average of $370,000 per home, many are looking for alternatives.
One alternative that’s making ripples in the real estate industry is house flipping. House flipping is the process of buying an older home, renovating it, and then selling it for a profit. It’s become increasingly popular over the past few years, as more and more people are interested in finding creative ways to make money.
Flipping houses can also be a very profitable venture, but only if you are up-to-date on the latest trends and know-how to capitalize on them. In this article, we’ll take a look at some of the latest trends in flipping houses so that you can be successful if you decide to venture into this exciting world.
Location, location, location
Flippers are increasingly focused on properties in prime locations that will sell quickly and for top dollar. This often means city neighborhoods experiencing gentrification or suburban areas with good schools and low crime rates.
Many people are likely to purchase a flipped home in a desirable location because they don’t want to deal with long commutes and dangerous criminal activity. Therefore, it’s essential to focus on locations that are in high demand to maximize your profits.
The fixer-upper and restoration
Many flippers find that buying a property that needs some TLC (Tender, Love, and Care) can be a great way to get a high return on investment. Properties in need of renovation often sell for much less than those in move-in condition, so flippers can usually get a great deal.
Many people are selling properties that have depreciated through the years. Most of the time, these properties only need a cheap restoration service to bring them back into the market. Add some cosmetic touches, like a new coat of paint or some updated appliances, and you can resell it for a nice profit.
The advantage of this trend is that you can ask a contractor to do renovation work yourself. Just be ready to give your personal touch once it’s done.
Energy-efficient and eco-friendly upgrades are becoming more popular among flippers as buyers become more interested in these features. Making simple changes like installing energy-efficient windows or solar panels can help a property stand out in the market and attract environmentally conscious buyers.
In addition, many people are willing to pay a premium for a home that has been upgraded with green features. Moreover, green energy is becoming cheaper throughout the years, making it an attractive choice for you and your clients. So, if you’re looking to make even more money on your flip, consider making some eco-friendly upgrades.
High-end finishes and amenities are becoming more popular among flippers as they appeal to luxury buyers. Adding stainless steel appliances, granite countertops, and hardwood floors can help a property fetch top dollar. Many celebrities are looking for flipped homes nowadays. So if you want to attract this type of buyer, you need to go above and beyond with your finishes.
Of course, these upgrades come at a cost, but if you’re flipping in a high-end neighborhood or market, you’ll likely be able to recoup your investment and then some. Additional home extensions, like a deck or patio, can also add to the luxury appeal and help you make even more money on your flip.
Another trend among flippers is themed properties. This could involve flipping property in a certain style (i.e., beach house, Victorian, etc.) or adding unique features that will make it stand out from the competition (like a secret garden, home theater, or arcade room).
Having a consistent theme can also help build your brand. Your brand is what sets you apart from the competition and tells customers what they can expect from you. If you’re known for flipping properties with a luxurious or eco-friendly theme, then buyers will come to you when they’re looking for those types of properties. So remember to have a theme in mind when house-flipping!
The Bottom line
If you’re thinking of flipping houses, it’s important to be aware of the latest trends. By keeping up with the latest trends in house flipping, you can increase your chances of success and make a healthy profit. So, what are you waiting for? Start looking for properties that fit these trends and get started on your