Page 2 - TL Home Lawn & Garden April 2017

2TT SUNDAY, APRIL 2, 2017
HOME, LAWN & GARDEN • TRILAKES EDITION OF THE ARKANSAS DEMOCRATGAZETTE
When preparing to fix up a home to be sold, not everything in the home has to be redone. Sometimes accents, such as cabinet handles or a fresh coat of paint, can add visual interest to the home without a lot of work.
FIX AND FLIP
HOW TO TRANSFORM A FIXER-UPPER
The real estate market will always have its ups and downs, but real estate is an often-profitable investment. Real estate investors do their investing for various reasons. Some see a house as a place to hang their hats for years and years, while others look at properties as nothing more than investments. Buying a home with the intent to fix it up and resell it is called a “fix and flip.”
In such situations, investors buy homes at below-market prices before refurbish- ing the homes with the goal of recouping their initial investment — and then some — when the homes are ultimately put back on the market. Flipping has become popular for both expert remodelers and novice investors.
Investing in a fixer-upper requires a leap of faith and a vision of what the home can look like in the future. Turn- ing a real estate lemon into lemonade requires certain skills and a good mea- sure of patience. The following are some guidelines to get anyone started.
➤ Don’t bite off more than you can chew. Make an honest assessment of your abilities and which renovations, if any, you can handle. If you are unskilled or inexpe- rienced working with your hands, it can be easy for an investment property to quickly become a money pit. Before purchasing a
property, hire a trained home inspector to tour the home with you and point out all of the areas that will need renovation. With this list, begin getting estimates on how much money the work will entail. Determine if this fits with your budget. You do not want to invest so much that it exceeds what you could feasibly recoup when it comes time to sell.
➤ Overlook cosmetic problems when visiting properties. Cosmetic issues include all of the easily replaceable items in a home, such as carpeting, appliances, interior paint colors and cabinetry. Focus on the bones of the house — the architectural integrity and those little touches that you envision having a “wow” factor.
➤ Seek the help of experts. Some flip- pers think they’ll save the most money by doing all of the work themselves. This isn’t always the case. Professional architects, de- signers and contractors may help you save money. Contractors have an intimate knowledge of where to buy materials and may be able to negotiate prices based on wholesale or trade costs. In addition, experts can help you avoid common pitfalls because they’ve done this type of work time and again. It’s smart to rely on expert advice, even if it means investing a little bit more.
— Courtesy of Metro Creative