Now that you’ve passed the age of retirement and have much more time on your hands, you may be wondering what will be the next phase of your life. If you’re looking for a way to invest your money and start a business that will keep you busy and on your toes, Bob Vila notes that house-flipping is a great place to start. Consider these simple tips from GrassRoots50 to help you turn your business into a success.
Form an LLC
Investing in a house to flip and turn into an Airbnb makes you a business owner, and every business should have a thorough business plan to keep the owner on track and help them realize their goals. Before you even start your plan, consider registering your business as a limited liability company. As an LLC, you have access to liability protection to keep yourself and your assets safe from litigation. You can easily register through an online formation service at a low cost. Before choosing a formation service, go online and read the reviews to pick the best one based on affordability and ongoing support.
Create Your Business Plan
Once you complete the registration, you can get started on your business plan. It should include an evaluation of your goals for the company, how you intend to fund operations, and why you choose to structure your business as an LLC. Don’t forget to include financial projections so you can present your plans to potential investors.
Find the Right Property
The first step in finding the perfect property is to check out the real estate market in your desired areas. It’s best to understand the median home price so that you can tell if you are getting a good deal or not. It’s also important to assess local rents in the area to properly estimate your return on investment.
Working with a real estate agent can also help you in this process. A trusted real estate agent knows which areas of your town or city are in demand and they can help you find a property that meets your financial qualifications and will advise you on the potential repairs or renovations needed.
Add Smart Home Features
When flipping a house, incorporating smart home features can significantly increase its appeal and value in today’s tech-savvy market. Installing smart thermostats allows future homeowners to control their home’s temperature remotely, ensuring energy efficiency and cost savings. Smart locks offer both convenience and enhanced security, giving homeowners the ability to manage access to their property via their smartphones.
Adding smart lighting systems not only contributes to energy management but also allows customization of lighting to suit various moods and occasions. Equipping the house with a smart home hub can integrate all these features, providing a seamless and user-friendly experience. These smart upgrades can make the home more attractive to buyers looking for a modern, connected living space.
Make Renovations That Increase Value
Any renovations you make to the home should be about adding value and mass appeal. Research cited on Moving.com shows that an upscale garage door, manufactured stone on the exterior, window replacements, and bathroom remodel are all great ways to increase the value of a home. You can also make small adjustments, such as adding a range hood to the kitchen stove that will vent grease and get rid of smoke and odors in the kitchen.
Even a simple interior paint job will make the home look newer. Remember to use neutral colors to make the home appeal to a broader group of buyers. Whenever making value-boosting renovations, make sure to document any work done. Take before-and-after pictures and keep receipts to quantify the increase in value.
Update the Kitchen
Updating the kitchen is a strategic move when flipping a house, as this space often serves as a focal point for potential buyers. A modern, functional kitchen can significantly boost the property’s market appeal and value. One effective update to consider is the installation of a range hood, which not only serves a practical purpose by venting smoke and food odors out of the home but also adds a touch of sophistication to the kitchen’s aesthetic.
A well-chosen range hood can be a statement piece that complements other upgrades such as new countertops, cabinetry, and energy-efficient appliances. By investing in these thoughtful improvements, you can create a visually appealing and highly functional kitchen that can be a strong selling point for the house.
Have a Marketing Strategy
Marketing is another important consideration. Thanks to the internet, you can now DIY much of your marketing strategy using social media. For example, Facebook advertisements allow you to display appealing photos of your property with a link to your website.
Keep in mind that branding is a crucial element for any business. You want potential buyers to relate your company with someone they can trust. Be as open and transparent about your properties as possible. You can even offer additional services to make your company stand out. For example, you can provide a property inspection. Do your market research ahead of time to learn more about what buyers want.
Have Fun on Your House Flipping Adventure
As you navigate your way through the housing market, remember to be as flexible as possible. House flipping is a business with many ups and downs and plenty of surprises, both good and bad. If you form an LLC, keep your budget tight and your mind open and treat it like a business, you will find success.
To inform, educate, assemble, and align our community, and encourage involvement with a wide range of devoted, constitutional, and conservative patriots, visit GrassRoots50 today!
