How to flip your Surfers Paradise property

Have you ever considered flipping houses? Television shows might make it look relatively easy, but you don’t see a lot of the hard work that goes into getting that final product ready for sale.

That said, it is true, flipping houses can turn into a good profit in Surfers Paradise. At the moment, the average median sale price in Surfers Paradise rings in at $1.4 million. And with big developments coming to the area, as well as exciting global events like the Commonwealth Games, we can only expect that the area will grow in popularity as a result.

Flipping a Gold Coast property therefore certainly seems advantageous, but you first have to know how to do it. Here are some tips to get started:

Evaluate your budget

Flipping a house is a costly venture. As you’ve just seen, purchasing the initial home (which usually happens at auction) is expensive. You have to be prepared to pay the renovation expenses, as well as unforeseen costs.

The best way to figure out what your budget will look like is basically by plotting the whole flipping process at the beginning. Once you’ve assessed the house you want to purchase, you can visualise the rest of the renovations. These are the basic costs you need to budget:

• The maximum price you are willing to spend on the house
• The permits or taxes that are associated with the house
• The materials going into the project
• The labour costs
• The unforeseen costs
• The final price of the house

Assemble a team of industry experts

How much do you know about the real estate industry? And how much do you know about the latest home improvement or interior design trends? Unless you are practising in these fields, you aren’t going to learn everything you need to order to make an educated decision. Building a team of people you can trust to help you turn the house into a good investment is going to be key.

Here’s who you should have on board:

• An accountant: You need someone to help you plot your budget to make sure you stay on course throughout the process.
• A local real estate agent: They can help you assess the value of the home based on its location and help you find a fair price once the house is ready to go back on market.
• A friendly inspector: Before you close on a home you want an inspector or appraiser to make sure the home isn’t going to end up costing you more than anticipated.
• A go-to construction crew: You want people who you trust to build your home on time and at a fair price.

Contact our team here at Ray White Surfers Paradise for more information.