When it comes to flipping homes in Santa Barbara what leads to success? Many people have a desire to buy and sell homes, otherwise known as flipping, and while some do so with great success, other fail miserably. While some may “have it” and others simply don’t, there are some basic considerations when it comes to making it work.
The first thing to consider when buying a home to flip is the cost of the home you are buying. If it is a “steal” then you are off to a good start. If you begin the entire process of flipping with a home in Santa Barbara that is worth more than you are paying for it then you immediately have less to lose.
The second thing to think about is the condition of the home. Is the home in good condition, simply outdated, or is it something that needs to be torn down and rebuilt? The less work the more money to be made. If a Santa Barbara home needs a fresh coat of paint and a carpet replacement the easier your flip will be.
One other major consideration is location. If a property needs lots of work but is in a great Santa Barbara location then it could be one to seriously consider. One just recently sold near the lower village in Montecito that was purchased for $1,190,000, remodeled and sold for $1,750,000. The remodel included exquisite kitchen and baths as the house was transformed into a “San Ysidro Ranch” style cottage. Click here to view this Montecito charmer. It took 60 days to do the remodel and an additional 60 days to market and close escrow on this Santa Barbara home flip.
Flipping certainly got a bad rap during the recent collapse of the housing market, however an investor who buys in today’s market can be pretty confident that he is not buying at the top of the market. If a good deal can be had today in the Santa Barbara real estate market then down the road there will be money to be made. Go to www.SantaBarbaraRE.com to view homes currently for sale in Santa Barbara.
Click here to read “Secrets of House Flippers” from Yahoo Homes.