People who buy homes in Irvine for flipping have access to plenty of guides that detail the necessary steps for a successful flip. However, condo flippers quickly realize they need a unique set of skills to renovate and sell a condo. These tips can help you easily and quickly make a profit on an investment condo property.
1. Communicate with Condo Boards
Keep in mind renovations to Irvine condos for sale may need to be approved by a board of directors first. It is wise to give them a heads up because they will be more likely to work with you if they are kept informed.
2. Don’t Forget HOA Fees
When estimating your expenses, do not forget you will have to pay HOA fees while you flip the unit. Fees for condominium HOAs can vary, and this expense can really add up if you aren’t able to flip the unit as quickly as you’d like.
3. Choose Condos in Areas without High Availability
Your newly flipped property is more likely to sell for a high price if there are not a lot of competing properties. Try to buy a unit in a highly sought after community with few empty spots.
4. Talk with Neighbors
Before purchasing, try chatting with neighbors to get an idea of how responsive management is. Getting along with neighbors can also help reduce noise complaints during renovations.
5. Look for Properties Sold Directly by Owners
You’re more likely to get a great deal on an undervalued property if you buy directly from an owner instead of buying from a big real estate company.
6. Use Experienced Contractors
Renovating a condo requires a slightly different skill set than altering a standalone house. For a more efficient flipping process, try to find contractors and designers who have experience working with condos.
7. Research the Condominium’s Rules
Before committing to any property, it is wise to know the rules for what types of changes can be made to the condo. You do not want to make plans for a big renovation and then realize that it goes against the community’s regulations.
8. Pick an Established Condo
New condo associations have a bad reputation for special assessments, fee increases, and sudden rule changes. Older buildings are better flipping prospects, and they are also less likely to result in unpleasant changes.
9. Be Creative When Looking for Buyers
Many buyers are wary of the commitment involved in purchasing and living in a condo, but renting out a condo can be a great investment. Some condo flippers find it easier to get a buyer if they sell the condo as a profitable rental property.
10. Stage Properly When Selling
Many flippers get so caught up in the renovations that they forget about actually appealing to buyers. Don’t forget to add tasteful furniture and neutral décor to the condo so it will look homey when buyers come in. You can get help from a professional stager if necessary.
Flipping a condo can be overwhelming if you’re new to the process. If you’re looking for Irvine real estate agents who can help you find the best local condo properties, call 714-454-6304 today. We look forward to your call.