The concept of ‘house flipping’ has historically been a simple one. In days gone by, property developers would simply invest in low-cost homes at auctions before investing in their refurbishment and then selling quickly for an overall profit.
This market has evolved considerably in recent times, however, to the point where home-owners and landlords have numerous options when selling a home fast with online agencies such as Open Property Group. This creates great diversity in the market, while it also affords flexibility to professional investors and would-be entrepreneurs.
The many faces of home-flipping in 2016: 3 ways to sell your home quickly
With this in mind, let’s take a look at three simple ways in which you can flip your home and sell it for a quick profit in 2016:
- House Flip in the traditional sense
Let’s start with the basics, as traditional house flipping remains as popular today as it has been previously. While this practice has been slightly augmented and improved through online technology (which has created virtual auctions for buyers to attend), investors still have the opportunity to purchase derelict or rundown homes that are in need of repair. The key is to ensure that you thoroughly research all auction properties and regions before making a commitment, while viewing the house in question is also to be recommended.
- Buy and sell in accordance with property developments
There are different definitions of ‘quick’, but this must be measured against your total return on investment. Being able to achieve a 50% profit on your home in five years should be considered as an incredible achievement, however, and this is a distinct possibility for those who have invested in homes that are dotted along London’s historic Crossrail route.
The Open Property Group produced a wonderful infographic to detail the impact of the Crossrail project, with regions such as Whitechapel expected to see incremental price growth of 54% over the next five years as a result of this. This underlines the merits of longer-term house flipping, as your invest in standard homes near a targeted development, lease these for a brief period of time before selling these for a huge profit as demand increases.
- Partner with specialist, quick house buying firms
This is arguably the most contemporary way to house flip, and one that is similar to the traditional model. While you can still source low-cost housing through on and offline auctions, you then add value to the property before selling this directly (and for cash) to a quick house buying firm. This negates the need to locate a buyer or manage costly legal fees, and while the price offered may be slightly below the full market valuation it will still deliver a quick and noticeable profit.