All Flip, No Flop: Why Now’s a Great Time to Renovate your Home
Do you ever get the urge to take a sledgehammer to some drywall? To rip up that old, stained carpet and install hardwood floors? To slap a fresh coat of paint on the exterior of your home for some increased curb appeal? Well, now’s the time to channel your inner Chip or Joanna Gaines and take those steps to renovate a home– and even make a profit.
House flipping is a great way to earn a salary or to supplement your existing income. It involves taking an abandoned, neglected, or even a plain disgusting home with good bones and turning it into any buyer’s dream. And, the best part is that anyone can do it!
Thanks to our handy-friend, the Internet, there are instructional videos, books, and resources available with a simple search. So, take some notes on HGTV shows like Flip or Flop, do some digging on the internet, and craft your very own plan for flipping a home and making a profit.
House-flipping profits are at a 20-year high. In fact, the average gross profit on a flipped house at the end of 2020 was $73,766: well-above the mean income in America! This may have something to do with the lack of growth in the housing market since 2010.
In the last decade, the housing supply has grown an unimpressive six percent. This is promising to the area of home renovation. Since the housing market is growing at a sluggish rate, economics tells us that this indicates a high demand for homes across the nation. As resources like land become more scarce, this leaves a greater opportunity for new homeowners to look at renovated houses, as opposed to new construction.
Flipping a home can be a rewarding experience, both emotionally and financially. But, it should be noted that the process does not come without risks. If you find yourself pursuing a home renovation, be sure to follow all of the proper procedures and hire professionals for tasks that require special knowledge.