Welcome to the podcast with Trish and Heather. Today we'll be discussing the P in our First Flip Formula which is all about Profiting from the Sale of the property.
P - Profit from the Sale
When it comes to profiting from the sale of a house, there's a strategic reason why we are concentrating on cosmetic renovations. It is about maximising the value of the property in the shortest time possible, with the ultimate goal being to secure the most profit from the project.
Cosmetic renovations are like a turbo boost for a property's market value, offering a rapid and efficient way to increase its appeal to potential buyers.
Key Points for Success
Speed of the renovations - weeks or months instead of years
Focus on areas that have the most visual impact, such as fresh paint, updated fixtures, and modernising the kitchen and bathrooms
Swift turnaround allows you to get the property back on the market faster
Turn your money over faster.
Cosmetic renovations also tend to offer a higher return on investment (ROI) compared to major overhauls
Work with a budget and stick to it, as overspending on renovations can eat into your potential profit.
Risks
The property may not go up in value as much as expected
Losing money on the project
Unexpected costs and delays in the renovation process
Other associated fees and costs (such as holding costs) being greater than anticipated
As professional designers, we know that our unique First FLIP Formula is the key to successfully flipping a house and that profiting from the sale of a house with cosmetic renovations is the fastest way to increase your property's value while ensuring a swift return on your investment.