Looking to flip a property? Here is what you need to you know
Posted: Tuesday, April 23rd, 2024
Self-builders often look for run down properties they can buy, improve and sell to maximise the profit, but there’s a lot that goes into successfully flipping a property. On Building Ideas, Mark Millar spoke to Guy Abbott of Morguard building surveyors on what to watch out for when looking for a building to flip. Self builders need to moderate their optimism and get as much information as possible about the property and the area before signing the contract. The right information will allow a self builder to plan with confidence. “Plan your flip work and your budget with the worst possible outcomes in mind,” Guy advised. “If you see something that might be very costly to resolve, budget for that and if the outcome is better, it gives you much benefit,” he explained. Guy takes a forensic approach when examining the property. “There’s a myriad of things you want to look at but essentially you are looking for signs of distress… because if you’re flipping it, your budget will be spent on improving it for sale. Also surveyors like loft spaces, so put life in the loft space,” he said. Listen to the full episode below:
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