Fixer-Uppers & Income after Retirement.

Seniors Can Start a Successful House-Flipping Business With This Guide

Written by Guest Author, Teresa Greenhill, from

House-flipping is a big industry these days as more people discover the advantages it offers, and it’s become a great way for older adults to earn income after retirement. It may seem like an overwhelming task to find the perfect home and renovate it to sell, and while it can be a big job, it mostly requires careful planning and research. Knowing how to find the right home, when to tackle DIY projects and when to let a pro take over, and how to fund the project can go a long way toward making this endeavor a success.

Take a look at a few of these helpful tips before getting started:

Create a budget

Funding your house-flipping project can be tricky, so it’s essential to make this part of the process a priority and take your time with it. If you’re using cash to buy the home, you’ll need to ensure that you have enough within your budget for the repair and selling costs. Need a mortgage? Get familiar with your options. Most home loans are for a length of 30 years and require a 20% deposit, but there are some loan options that allow for 10% down with mortgage insurance and a different interest rate. Talk to a trusted lender to find out what your options are before working out your budget.

Know what to look for in a fixer-upper

The beauty of buying a house that needs a little work is that it comes at a reduced price, but it’s extremely important to determine just how much work it needs before making an offer. There’s often a fine line between a fixer-upper and a money pit, but knowing what to look for can help. The best kind of fixer-upper is one that needs mostly cosmetic repairs, such as paint, fixtures, flooring, and appliances. Major renovations, such as structural issues, electrical wiring or plumbing problems, and knocking down or putting up walls can get very pricey and will eat up your budget pretty fast.

While a home inspector will let you know about any issues that would require immediate attention, it’s still best to know how to spot red flags in order to avoid wasting everyone’s time. As you’re creating a list of repair costs, it’s a good idea to add 20% to the final number, especially if you do decide to tackle major projects like HVAC replacement, asbestos/mold removal, or electrical work.

Understand which changes will boost the home’s value

When thinking about which changes you’re going to make to the home, it’s crucial to have an understanding of what homebuyers in the area are looking for. Most cosmetic alterations can typically be made according to your personal choices, but when it comes to things like appliances, flooring, and accessibility, it’s important to do some research and find out which options will get you the most return on your investment.

Sell your home the right way

Just like choosing the best house for a flip, figuring out how to sell it requires careful planning and execution. Many flippers already have experience with real estate and choose to sell their homes themselves, while others go with a professional realtor who can help them spread the word about the property. Factors such as the number of days homes typically sit on the market, location, and price all come into play when it’s time to choose whether you want to make the process a DIY job or go with a pro. Take a look at some listing sites to get an idea of how you might market your home, and be sure to take clear, professional-looking photos of the interior and exterior of the house to share online.

Tackling a fixer-upper is a big job, but once you start the process and get some experience, you can turn it into a lucrative business with ease. Do your research, know what to look for in a fixer-upper, and stick to a tight budget in order to find success.

Photo via Pexels

Written by Guest Author, Teresa Greenhill, from

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