California hard money lenders tend to offer short loan terms for flipping houses, sometimes even less than one year. That’s certainly an incentive to get you to renovate and sell quickly. How can you maximize your chances of making a speedy sale?
- Stage the Home
You’ve spent so much time repairing the home and making it attractive. The final step could be staging it, for example, adding furniture and accents to the home so buyers can better visualize its potential. You don’t necessarily have to jump immediately into staging when you’re selling, but it can help move a house that’s been sitting on the market for a few weeks.
- Collaborate with a Real Estate Agent
Working with a real estate agent can be valuable for both first-time and experienced flippers. For instance, an agent should be able to tell you which areas to focus on improving for the most interest and the best return on your investment. An agent also has a wide network and can scrounge up potential buyers for practically any home.
- Go Generic
If you buy a home with a unique story or lots of character, it can be tempting to add quirky or unusual touches to your renovations. Don’t. Instead, focus on tried-and-true methods such as stainless steel appliances and neutral paint colors. If you want to project elegance to attract wealthy buyers, do it through methods such as deluxe fixtures and enhanced amenities.
- Know Your Potential Audience
Before you buy a fix-and-flip home, you should have a good idea of who’ll be interested in the property. This way, you know whether to focus on the aforementioned wealthy buyers or whether your home may appeal most to couples searching for a first home. Just in case you do not sell your home, you need to make sure to avoid paying council tax on empty property so that a dormant property is not a money pit property.
- Lower the Price
It could be that you’ve overpriced the home (something that a having real estate agent onboard can guard against). You may have to lower your price to make it competitive, but you should still be able to come out ahead.
Los Angeles hard money loans are available from lenders such as North Coast Financial. Enjoy competitive rates and quick approval and funding—get in touch today!