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Flipping a house might take 30 minutes on TV, but it might take weeks to months to effectively flip a house to ensure you get a return you can be proud of. Many things go into choosing, renovating, and selling a property to bring you the results you are looking for. 

Starting at the loan you sign to purchase it to the seller’s agreement at the very end, there are many strategies in-between to maximize the ROI of your flip.  

1. Don’t Go In Blind

The planning you do beforehand can save you money, time, and headaches later on. This process starts even before buying the property. For each house you look at, measure out the rooms, see the areas of improvement, and conjure a rough estimate of costs for any repairs; that way, when you choose the flip of your dreams, you know which areas you need to invest in. 

This preparation process encourages you to assess the floors of each room, appliances, countertops, backsplash, fireplaces, and other staple pieces within the home that need repairs or some TLC. Having a plan beforehand can ensure that your design choices don’t lengthen your build-out time either. 

2. Assess the Location – And Then Do It Again

No matter the reason you buy a property, the first thing you always need to do is assess the location. This can help you show the probable return for your renovation and if additions might be necessary to stay relevant in your area. If surrounding homes with three bedrooms and pools sell for $300,000, would it be a good idea to add a third bedroom and a pool to your list of priorities? Questions like these can ensure you maximize your ROI and not settle for less. 

3. Don’t Make It Personal

It is a significant juncture to purchase a home and spend all your energy and time flipping it to be the best possible home for someone else, but one of the ways many flippers might lose on their return is by getting too involved in the process. You must remember that this is an investment. 

While you might like the look of high ceilings or marble countertops, they might be incredibly expensive to install or not appropriate for the home whatsoever. Being able to separate your own interests from the needs of the home can make sure you are not overspending or making the home more difficult to sell when it is time. 

4. Be Proactive

You won’t be able to maximize your ROI if the home still has faulty wiring, bad plumbing, or water-damaged ceilings. These sorts of issues should be fixed for the next owners so they will not have to worry about them once they get into the home. Being proactive with possible issues you might see can keep prospective buyers interested in the property. Your work on the property should make it welcoming to buyers and an easy buy for those who are interested so you can get the most out of your investment. If they see a home they can live in for generations, you can see a substantial return on investment. 
Maximizing the return on your investment is a no-brainer when you choose to flip a home, but it all starts with the funding you put into it. If you have questions about loans for your next flip project, contact the team at KC Investor Funding today.