There are many benefits to flipping a house! It’s also fun in a way because you get re-design an entire house with better structure quality and add more value to the house when selling it. Flipping a property is nowadays known as a great investment technique which does great for some investors. However, other investors take a longer approach.
Compared to what you see on TV shows about flipping houses, it’s not really the same in reality. You have interest rates and inflations at hand which can really complicate the process of flipping a home. However, according to BuyAssociation it was seen that in March 2020, there 19,000 homes which were flipped that boosted an average profit of £48,190.
Seeing these results, flipping houses do bring great profits if done properly.
Since the prices of properties are on a high rise, flipping a house becomes a major benefit as you can secure a handsome profit. According to the ONS statistics, it showed that an average house price had grown by £31,000 in 12 months in April 2022. Along with this fact, it is seen that properties which have been flipped sell on a higher value compared to the price you bought it at.
If the project of flipping houses is executed properly, then you will get various of offers and get your profit accordingly, which will also cover all the expenses you put in re-making the house.
The best part of flipping fixer uppers is that you would be working on houses on your own and make a larger profit and doing this will help you avoid construction costs. You will only need to focus on buying the right equipment to start the process (This varies from house to house. If the house has less fixings, then it’s easier to do it on your own, if the house has major fixings, then hiring a contractor would be a better option).
Flipping houses gives you a wider understanding of real estate market and by doing this, your development and expertise in the field can grow over the years.
You can use your creative skills and build people’s dream homes and make a fortune out of it!
Where should you flip houses in the UK
Avg. house price increase
Houses sold in 2020 and 2021
Home improvement stores per square mile
Avg. value of homes after renovation
Manchester house prices rose by 26% in the last five years and the average value of the property has been added as £19,000 due to renovations. This ranks second and makes it a great spot to earn profits. Nottingham is considered as the second-best city to flip a houses. The prices rose to 37% in the last five years and access to home improvement stores compared to anywhere else in the UK with a 7.1 per square mile. The average value added to flipped homes here after renovating is £18,000.
The third is Liverpool where the value of the home £20,000 which is more than any other category across the country. The homes sold was high with over 17,000 last year, and home improvement stores are available within 2.1 per square mile.
Stoke-on-Trent is ranked fourth with the house prices rising up by a quarter in the past five years. You will find a number of DIY stores nearby within 2.8 per square making it easy to purchase tools and essentials to update the value of a property.
Flipping houses is a great business and career if executed properly. To achieve the benefits of flipping houses, it’s important to understand the real estate market to earn profits every year. Before getting into the field or business of flipping houses, make sure you have the right knowledge and the right set of tool to start!