South Carolina real estate is in a good place right now. Homes are appreciating quickly, and the low cost of living is highly attractive to buyers. Investors from all over the nation are headed to South Carolina to get their hands in this profitable investment pot.
House flipping is particularly popular these days, and the affordable realty in South Carolina makes it a great place to invest. Many first-time home flippers are taking advantage of the market to make their fortune in real estate investing.
Because it’s popular, it seems like anyone can do it. It’s true that the barrier of entry is pretty low, but there are still some things you should know before diving in.
1. The Details Matter
You’ll need to hire a construction manager to handle the structural updates to your home. This is the most important part of any remodel. No one wants to purchase a home that hasn’t been properly inspected and repaired first.
However, that’s not the end of it. If you want the home to sell after you’ve updated it, you must make it look good too. The details matter more than you might think in this investment. First-impressions often sway buyers, particularly in the residential sector, so get it right the first time.
One of the most important details is window treatments. Not only do the right window treatments significantly improve the look of your home, but it also makes it more energy efficient. You can find fabulous plantation shutters in Charleston that will give the home that old Southern charm with great efficiency.
Other details like paint colors, flooring choices, kitchen cupboard doors, and hardware can make a bigger difference than you might realize when you’re trying to sell a flipped house. Plan accordingly in the final design.
2. Buy Materials in Bulk
As any good house flipper knows, the more you can save on supplies and construction, the more you can make on the final profit. Rather than heading to your local hardware store, look for wholesale and discount suppliers who can offer quality materials for a low price. Sometimes, this means curating your design around what’s priced right at the store.
You can also get great deals by purchasing Amazon customer returns pallets. These pallets are sold at a discounted price, and you can get spectacular deals on building supplies and materials so there’s more room for profit at the end.
3. Make Smart Renovations
Not all renovations are worth the money in the long run. Many beginning home flippers put too much time and money into renovations with little return on investment. If something is in good shape and can be sanded down and repainted instead of replaced, do that instead.
Research projects that have the most return on investment. Upon doing a little research, you’ll probably find the following list of highly valuable updates:
- Bathroom remodel or addition
- Kitchen remodel
- Attic bedroom conversion
- Entry door replacement
- Deck or patio addition
- Basement remodel or refinishing
- Replacement windows
- Fiber-cement siding
When flipping a home, you often have to make more changes than just these to raise the value of your property. However, focus any extra time and money on these areas, and you’re sure to make a better profit from your efforts.
House flipping has the potential to make you suddenly wealthy as long as you adhere to the rules. When in South Carolina, take advantage of the market and let these tips help you find success in your home remodel.