931 Wachusett St, Holden, MA 01520
931 Wachusett St, Holden, MA 01520
Many people are joining the home flipping frenzy. Whether you are working on making a profit or just plain bored and wanted to make a quick buck, it was the field to be, but that is not always the case.
People have forgotten the fact that when they flip houses, they are spending money, time, and effort. It is not in any way just focused on making a quick buck, and for some, it even means making some losses.
Maybe it is all part of the business, or perhaps it is all part of life, the only sure thing is the reality that people are not always as smart as they would like to believe.
With that, if you are looking to "make a quick buck," flipping houses is not for you. If you want to make a career out of hard work and make sure you earn enough money for your efforts, the following are the best ways to ensure making a profit when flipping houses.
If you are just starting out, take smaller risks. No matter how people would say that a neighborhood is up and coming or a building as so much potential, it should be you and your budget which should do the talking. Taking smaller risks can mean any of the following:
- Buying a house with fewer changes that need to get done;
- Getting any home inspected before making a purchase;
- Knowing what you want to do with the house before you commit; and
- Spending less than 20% of your budget towards building the house more “habitable.”
Do not buy a house that is a former crack den or one that has pipe problems or gas issues; you may end up losing more money than making them. These places are right as investments for developers who would tear the whole house apart and start anew.
Always time your purchases. The economy goes up and down, and real estate is always fluctuating. If you want to make a profit, buy when the economy is down and make a sale when the real estate market is booming.
Now that you know how to do things the right way, it is easier to make sure that you make the right profit. If you would like to join forces with a professional, you can always do so. Contact a real estate agent today for some quick tips on how you can make the right purchase or that ultimate sale.
More Info on this Property | New Listing Alerts
Becoming a home owner for the first time is an exciting milestone for Millennials! Going from renting an apartment to owning your own property represents a big transition from dependency to independence.
For many people, it even symbolizes making the leap from childhood to adulthood. Once you're a homeowner and a property taxpayer, there's often a newfound feeling of being more established and successful.
While home ownership may bestow upon you a boost in status, the added responsibility of paying for your own repairs, maintenance, and upkeep can take an unexpected toll on your budget. With a little extra planning, however, you can avoid many of the pitfalls of home ownership.
Looking at the Big Picture
Here's a misconception that sometimes creates a financial strain for first-time homeowners: "If we can afford to pay $1800 in rent, every month, then we should be able to afford monthly mortgage payments in that same amount!" While that premise may sound logical, there are a few crucial "missing pieces" from that equation -- pieces which could throw your household budget out of kilter!
In addition to the costs associated with purchasing real estate, such as a down payment and closing costs, there's also the matter of home repairs and property maintenance. Depending on where you decide to live, there could be other fees to absorb, too, including garbage collection, yard waste removal, and water usage. Other expenses that first-time homeowners may overlook include the cost of buying a lawnmower, a snow blower, yard maintenance supplies, tools, and furniture. That's why creating a detailed estimated budget, based on your income, debts, and anticipated expenses can help you determine whether you're truly ready to take the plunge into homeownership.
Enlisting Professional Help
A mortgage broker or bank loan officer can provide you with assistance in calculating your financial readiness for purchasing a home. A good real estate agent can also offer insights and guidance into the process of finding, buying, and owning a house you can comfortably afford. They should be able to provide you with vital information about school taxes, property taxes, average utility bills, homeowner association fees (if any), and any issues revealed in the seller's disclosure form.
One way to avoid -- or at least be prepared for -- costs that often accompany home ownership is to have a qualified property inspector take a close look at the condition of everything in the house from the basement and attic to major appliances and structural features. They can generally tell you whether there are any concerns about mechanical systems, water in the basement, foundation damage, issues with property drainage, the electrical system, potential plumbing problems, and dozens of other vital checkpoints
Whether you're a first-time house hunter or a seasoned homeowner, it pays to understand, anticipate, and budget for the many costs of being a property owner. While owning your own home can be a rewarding and satisfying experience, a guiding principle to keep in mind as you consider available homes on the market is "caveat emptor" (Let the buyer beware)!