In our experience, we have found the overarching theme of a successful house-flip is Location, Location, Location! But it is not just any old location, the biggest house or the cleanest street – though these can help. Here are our 5 Keys to a Successful Flip in Southern California.
Avoid homes that back up to busy roads – they’re are worth less
House hunters can often overlook the colour scheme of a house, the amount of light coming into the house or the size of the backyard because these things can be altered or enhanced. A critical feature affect the price of your house and the sale profit you will receive is the closeness of major roads, junctions, flyovers or off-ramps.
This is often the case because of the noise, traffic, pollution and even litter from people using the junction as a waste-station for the empty drink bottles and crisp-packets in their cars. For travellers on a long journey, busy roads with trees or junctions can become rescue toilet stops for needy children or less-publically-aware men.
Locate your home far from the freeway – the noise means they are worth less
According to Real Estate News, house that experience high noise from high traffic roads such as freeways sell for up to 30% less.
This is a significant hit to your networth when a little research could have avoided this disaster. Before purchasing a home, consult the local city offices to ascertain roading plans from both the local and state authorities. The same goes for power lines and electrical developments.
Underground electricity maintain value – homes that have power lines above are worth less
This is really about perception as much as a real impact. There is a link between the amount of electromagnetic energy you live near and potential cancer development, but the scientific experts are the ones we need to rely on.
Even though not everyone has a PhD in the connection between electrical power lines and health, everyone seems to have an opinion on it. Steer clear of hanging powerlines and potential substation developments, because the ‘perception’ that potential buyers have about this contentious issue could hinder your profits when selling your home. The same goes for your roof…
Similar roofs equals increased value
Homes that are older and have flat roofs in areas that have pitched roofs are worth less. This is our common experience as we guide people to gain real estate wealth. There is more to this than simply looking uniform in the neighborhood. There are distinct advantages to homes with flat roofs as they are more energy efficient.
They tend to allow temperatures to be consistent when they are insulted, but if they are poorly maintained they leak badly. If you’re search for a house to build your wealth, go for consistency so your house does not stand out with a flat roof as this is regarded as out-dated compared to pitched or ‘pointy’ roofs.
If you are serious about gaining wealth through property but are unsure how to begin, contact us for a no-obligations consultation. Better yet, join our next event so you can learn with other enthusiastic wealth builders!