A seller of vintage clothing and accessories online, Hayley Ninnis also purchases investment properties and refurbishes them for resale at a profit. Hayley Ninnis brings to this process a background in design as well as a keen business acumen.
When renovating an investment property for sale, a process known as house flipping, an investor must understand both finance and design. First, potential investors need to know how to value the home and the area. A property is only suitable for flipping if its purchase price is below what its value would be after renovating. Investors often use the neighborhood to make this determination, as a deteriorating house in a highly desirable neighborhood tends to rise in value more than a well-kept home in a declining area.
A flipped house must be purchased to be profitable, which means that the person coordinating the repairs must know what characteristics a buyer looks for and what common repairs cost. A house that needs a new roof, for example, may have a smaller potential profit margin as compared to a property that simply needs outdated flooring and windows replaced. Many flippers spend the majority of their attention on the kitchen and bathroom, as these areas are important to most buyers. Some experts suggest that flippers keep track of all repairs and installations of new appliances, as these can contribute to the ultimate valuation and may inspire confidence in a potential buyer.
When renovating an investment property for sale, a process known as house flipping, an investor must understand both finance and design. First, potential investors need to know how to value the home and the area. A property is only suitable for flipping if its purchase price is below what its value would be after renovating. Investors often use the neighborhood to make this determination, as a deteriorating house in a highly desirable neighborhood tends to rise in value more than a well-kept home in a declining area.
A flipped house must be purchased to be profitable, which means that the person coordinating the repairs must know what characteristics a buyer looks for and what common repairs cost. A house that needs a new roof, for example, may have a smaller potential profit margin as compared to a property that simply needs outdated flooring and windows replaced. Many flippers spend the majority of their attention on the kitchen and bathroom, as these areas are important to most buyers. Some experts suggest that flippers keep track of all repairs and installations of new appliances, as these can contribute to the ultimate valuation and may inspire confidence in a potential buyer.
