Buying a luxury pad is great. But you need to be careful before you flip it. You want to make sure that you actually make money and don’t fall into the traps that many people get themselves into.
But what, exactly, should you be doing?
Enhance The Curb Appeal
First, you’ll want to look at ways to enhance the curb appeal. Many luxury pads are delightful inside, but prospective buyers wouldn’t know that from their dishevelled, exterior look.
Therefore, spend some money on cleaning the place up. Ensure that it looks ready to move into at a moment’s notice and that it has a grandeur that befits the price.
Stage To Impress
Related to this last point, you’ll also want to stage the property to impress. It should look incredible, outside and inside, making viewers think that they could just move right in without having to do anything.
Staging usually requires hiring a professional stager who understands professional properties. High-end buyers are often looking for specific cues that tell them that a piece of real estate offers them the quality they want, so an expert might help here.
Check For Issues
You’ll also want to check for latent issues, things you missed when you originally surveyed the building. Sometimes, problems emerge when you least expect them.
For example, you might want to call the termite exterminators in if you notice weak wood full of holes. These patterns are often a sign of severe problems throughout your home that might persist if you don’t deal with them.
You could also check the plumbing. It might have seemed fine when you first moved to your new property, but not now.
Get The Permits You Need
Make sure you get all the permits you need if you plan to do any renovations. They should comply with local laws and building codes.
If you don’t do this, you can wind up with headaches when you sell. You may find that local authorities prevent you from selling a property or get you to rip down improvements that you made, wasting your money in the process.
Price Smartly
When flipping a luxury pad, you also want to price smartly. Granted, a lot of people will want your home regardless, but if you can tailor the price to the right level, you won’t scare away interested buyers.
Pricing requires consulting with professionals. Usually, they can tell you where to get the balance right.
Be Clever With Your Marketing
Beyond price, you also want to consider the marketing of the property. How are you going to get buyers and investors interested in it? The more interest you can generate, the more likely a bidding war and that you will receive a higher price, but getting this dynamic going isn’t always simple.
One option is to use virtual tour software that appeals to affluent buyers. These solutions let them look around the property without having to go to it.
Another option is to use agents who understand the local luxury market. They can also often find buyers.
