With home flipping becoming as popular as it has in the past several years, interested investors and DIY'ers are forever seeking the perfect real estate market to flip homes. Several markets around the nation have been tapped into with great success. Although we have not seen as many home flips this past year, we saw quite a few in the previous years. Many of these homes that have been renovated for flipping have been what is referred to as “cosmetically fixed,” which means that mostly the visual aspects of the home have been improved. However, the calling card of a truly well done home flip is the updating of the home's vital systems, like the electrical and plumbing.
In an area like Charleston SC many of the older homes have a great location or unique architectural details that are rare in new construction homes. But, most of these older homes need a lot of work, especially if you’re looking in downtown Charleston. A home flipper in SC needs experience and plenty of funds to restore one of Charleston's famous turn of the century homes. This style of home can command huge money on the local market, as people are jumping at opportunities to have a historic home with all the modern conveniences. However, these are some of the riskiest flips.
Once the vitals of the home are updated (meaning the plumbing and electrical systems), you can simply set about the “cosmetic improvements.” In considering these, the usual culprits are floors, fixtures, appliances, and paint.
Remember to budget properly for this project, as the whole point is to make the fixes and sell the home as quickly as possible for as much as possible. And, be sure to get a home inspection so that you have a professional opinion of the home’s condition before you buy it. There are always going to be unexpected expenses that arise during a flip, but a home inspection should cover most of the big expenses.
With Charleston’s mild climate, a proper home flip can be completed in approximately 3 months, so keep a keen eye on the local real estate market for fluctuations and patterns. You will want to pick up the project home for as low a price as possible and then try to time its listing with an upswing in the market when there is a high demand for quality homes. We’ve seen fewer home flips in Charleston in the past year or so simply because prices have gradually decreased. Most real estate experts believe that prices will begin to go up again in the spring of 2008, so we expect to see more home flips next year. Also, keep in mind that constant communication with your real estate agent is a great way to keep on top of what is happening in Charleston's market.
Flipping homes in Charleston, SC