5 Tips for House Flipping as a Senior
If you’re approaching retirement age, it might be time to start thinking about looking for
opportunities outside your day job that can give you a bit more freedom and income. One
increasingly popular choice many seniors are making is house flipping, the process of
buying and reselling homes quickly to make some profit. This strategy comes with
challenges. But if you plan for them, this could be the perfect way to generate some extra
income in your retirement years.
1. Research Flipping a House
While flipping houses is not for everyone, it can be an easy way to make some extra cash.
Before you start looking at potential properties, take some time to research. It’s critical to
do your due diligence when considering an investment — don’t just jump in without
knowing what you’re getting into.
2. Find an Investment Property
When looking for an investment property, look for properties that need renovations in an
up-and-coming area. People want to live in great neighborhoods, and these areas will
attract other new residents. And remember, you need a property you can renovate before
selling. Look for something that you can upgrade but not run down.
3. Renovate Your Investment Home
Although it’s best to purchase your property in an ideal state and make minimal changes,
sometimes it’s necessary to renovate. But knowing where to begin can be tricky if you have
no prior experience. Redecorating the walls in the home is one way of making it more attractive to buyers. Wallpaper is elegant in appearance, adjustable, and long-lasting. Consider peel-and-stick
wallpaper for replacing old wallpaper. Peel-and-stick wallpaper comes with an adhesive
backing and is detachable, allowing you to reposition it. You will be able to customize your
own wallpaper and will not have to worry about your design being out of stock if you order
wallpaper created on demand. If you own an investment property, consider some other renovations that add value to your home, such as:
• Remodeling the kitchen
• Renovating bathrooms
• Updating the floors
• Renovating the attic or basement
4. Determine the Cost of House Flipping
To help determine the maximum price for an investment property, you can use the 70%
rule. This rule states that home flippers should pay less than 70% of the overall value after
repairs minus the renovation costs. If you go over that number, you risk losing money
when you sell the home.
5. Find an Agent To Sell Your Property
Selling your home isn’t something you want to do every day. You have likely owned it for
many years, and selling can be complicated and time-consuming. But when it’s time to sell,
you have to do your research and work with an experienced real estate agent who can help
ensure everything goes smoothly and quickly. Colorado Springs, CO has great real estate
agents who will help you get the best price for your property.
Ensuring Your Success
Remember, if you’re serious about flipping houses, it takes time. You should think of it like
any other business and understand there are ups and downs. Following these five tips will
ensure your success in flipping houses, no matter your age or background. Good luck.
Visit rēhava real estate for help with your property goals in Colorado.
Article provided by: Andrea Needham – a_needham@eldersday.org
I am an active Realtor specializing in the Douglas County /El Paso County areas. I have experience listing and selling residential properties throughout Douglas County including: Castle Rock, Parker, Highlands Ranch, Franktown, Sedalia, and Larkspur. I am currently expanding my business to; Black Forest, Monument, Colorado Springs, Peyton, Falcon, Woodland Park, Divide and Cripple Creek.
