Flipping Through Retirement: A Senior’s Guide to Buying and Selling Houses for Income

With inflation increasing at a rapid rate, many seniors fear that they are not financially well-equipped for retirement, but this can often be helped with a smart investment. With a little capital and the right mortgage, flipping homes could provide a much-needed supplement to your income and help you retire more comfortably.

Finding the Property

There are a number of factors to consider when looking for a house to flip, including its location, size, and price. Involving a realtor from the get-go can be helpful in finding the best properties within your budget without too much extra effort needed on your part. Online listings and 3D viewings also make it easier to get a feel for the house before visiting it in person.

Ideally, being able to view or make an offer on a property in person would be first prize. However, the housing market can be somewhat competitive and you may end up being outbid by other prospective buyers. In these cases, consider attending an auction. Although you’ll have limited knowledge of the property beforehand, you might score a valuable home at a discounted rate whilst dealing with less competition. 

If you have the luxury of time at your disposal, get an estimate from a contractor on any renovations you may want to undertake. This will give you a good idea of the additional costs you’ll need to incur over and above a mortgage.

Making Changes

It’s vital to ensure that any changes you make to the property are as affordable as possible since you’ll want to maximize your profit when you’re ready to sell. The aesthetic value of a property is one of the most important drivers of ROI, and you might be surprised at how much of a difference just a little landscaping and a fresh coat of paint can make. 

Additionally, take a look at trends associated with homes in the area you’ve bought in. It may be worthwhile to make upgrades according to the demographic that’s popular in the area. For example, if you’re looking to attract families that include young children, ensuring that the home is as safe as possible will be attractive to potential buyers.

Advertising the Home

An essential part of any successful flip is generating interest from potential buyers. Social media is a great way to do it — you can develop a following by documenting your renovation progress before it’s time to sell. To accompany the push for advertising the home, you can use a banner creator to make custom graphics to catch the attention of potential buyers. The banner can be customized with your own images and text, and then resized for various platforms. It’s a great way to show off your work.

Finalizing the Sale

A great tactic for selling a house is to help viewers envision themselves living in it, and staging the home is extremely effective in achieving this. If you intend on regularly flipping houses, purchasing beautiful decor is a worthy investment since it can be reused as needed. 

Ensuring that the property is clean and neat is vital — especially if renovations have left the home smelling like paint or chemicals. Create a homely feel by making use of scented candles, incense, or oil diffusers for the best results. 

Hiring Employees

If you plan on expanding your home-flipping business, you may need to bring on some employees. Running a business is hard enough without having to worry about payroll. Fortunately, there are many payroll services available that can take care of all your payroll needs. Not only will they make sure your employees are paid on time, but they can also help you with tax compliance and other HR-related tasks. In addition, most payroll services offer online access, so you can view your pay stubs and W-2 forms from anywhere. As a result, using a payroll service can save you a lot of time and hassle.

Even if you could benefit from the additional income, you’ll want to ensure that your retirement remains as stress-free as possible. Flipping a house is easier said than done, but, with a little extra time spent on research and the implementation of the right tips, it can be lucrative and rewarding. Utilizing generating interest on social media and having a good realtor to assist you in your efforts can make the process smooth and stress-free as they’ll help you get your properties sold for good value.

For help finding service professionals for your renovation projects, turn to The Renovation Directory!

Image by Pexels