What are the BIGGEST Mistakes Wellington Home Flippers Make?

What are the BIGGEST Mistakes Wellington Home Flippers Make?

Growing up I’ll never forget the creepy dilapidated house down the block, the one where the imaginary witch lived, the one we told ghost stories about. I never thought anyone would actually buy that vacant rundown home, but someone did and soon it became one of the nicest homes in the neighborhood.

What are the BIGGEST Mistakes Wellington Home Flippers Make?That was my first encounter of a “flip” and at the time it sounded pretty easy; buy a fixer-upper dirt cheap, remodel a few things and become a millionaire, but it’s not that easy. In fact, many “flips” can easily turn into “flops” because mistakes are made, usually avoidable ones.

So what are the biggest mistakes Wellington home flippers make? Below is a list of the most common flipping mistakes I’ve witnessed and in most cases, these Wellington flippers don’t just make one of these mistakes they make several, which can easily cause their flip to flop.

Biggest Flipping Mistakes:

Choosing the Wrong Wellington Home to Flip:

Some Wellington home flippers are doomed from the very start by choosing the wrong home to flip. While the location and layout of a home are very important the market conditions are even more important. Knowing the comparables and purchasing a home for the right price is key when flipping a home in Wellington.

Not Pulling Permits:

I’ve recently seen a few flips in Wellington that had a new roof, but a permit wasn’t pulled. Prior to starting a flip Wellington flippers need to know what improvements require a permit, which ones do not, and plan accordingly. In addition to pulling permits, the Village of Wellington and/or homeowners association may require approval for certain improvements as well, such as new exterior house color.

Skipping the Details:

While a Wellington home buyer may fall in love with that brand new kitchen they will not overlook the 1980’s brass fan with wood panels or those aluminum blinds. When the little details are skipped, especially fairly inexpensive ones, it tends to scream “the money ran out” and the appeal of a renovated home can be lost. In my experience, some Wellington home buyers can look past these little details, but others may start to question whether or not other corners were cut to save money and lose interest in the property altogether.

Selecting the Wrong Finishes:

It is imperative for Wellington flippers to know the types of finishes home buyers are looking for and make sure they don’t under improve or over improve the home. I recently showed a flip that featured a brand new kitchen, but unfortunately, the 32″ oak cabinetry did not scream “Brand New,” instead it felt very dated.

Over Improving:

Over improving a home is probably the biggest mistake Wellington flippers make, but this type of mistake is usually only made by inexperienced home flippers. This is where market knowledge and choosing the right property and improvements will make or break a flip. Often times inexperienced flippers will let their personal taste get in the way and start demolishing perfectly good tile floors or cabinetry and replacing it with something just as nice or too nice, which cuts into their profit.

Over Pricing the Home to Make a Certain Profit:

Another big mistake Wellington home flippers make is overpricing the property so they can net a certain amount. Wellington homebuyers usually do not care how much a flipper spent on improvements, how much it will cost to sell, or how much they want to net. Buyers care about market value and while some might be willing to overpay in my experience a majority will not go much above market value.

Are you thinking about flipping a home in Wellington Florida? Put my experience to work for you and let me guide you through the process!

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About the Author

Top Wellington Realtor, Michelle Gibson, wrote: “What are the BIGGEST Mistakes Wellington Home Flippers Make?”

Michelle has been specializing in residential real estate since 2001 throughout Wellington Florida and the surrounding area. Whether you’re looking to buy, sell, or rent she will guide you through the entire real estate transaction. If you’re ready to put Michelle’s knowledge and expertise to work for you call or e-mail her today.

Areas of service include Wellington, Lake Worth, Royal Palm Beach, Boynton Beach, West Palm Beach, Loxahatchee, Greenacres, and more.

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ABOUT

Michelle Gibson Wellington Florida REALTORMichelle Gibson of the Hansen Real Estate Group Inc is a full-time REALTOR who has been specializing in Wellington Florida real estate since 2001. This veteran of the real estate industry has expertise in technology, marketing, and social media.

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Hansen Real Estate Group Inc. is a full-service real estate brokerage specializing in residential real estate. As a customer-focused, quality organization, we achieve success one client at a time. Call 561-333-0446 or e-mail me today at [email protected].

Michelle Gibson and Hansen Real Estate Group Inc fully support the principles of the Fair Housing Act and the Equal Opportunity Act. Accessibility Statement

RELOCATING

If you are thinking about buying, selling, or renting your home, townhome, condo, or other Real Estate in the following areas; Wellington, Lake Worth, Royal Palm Beach, Boynton Beach, Greenacres, Loxahatchee, Royal Palm Beach, Lake Clarke Shores, West Palm Beach, Palm Beach Gardens, or Jupiter there are thousands of Realtors to choose from.

However, it doesn't cost you any more to work with a top Realtor in Wellington Florida. I would welcome the opportunity to show you how I get outstanding real estate results for all of my clients. If you are looking for a top real estate agent in Palm Beach County Florida who will make a difference you have come to the right place.

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