Flipping houses can be profitable, but like many businesses, it has potential pitfalls.
If you have seen YouTubers making money in this manner and think it is something you can turn into a successful side-hustle or full-time gig, MortgageMe offers some insight into how to do it and where to start.
So, here is exactly that – some valuable information from the experts at MortgageMe to include in your knowledge arsenal before embarking on a house-flipping project.MortgageMe has an affordability calculator where you can upload your recent bank statements showing your income and all your monthly expenses, and it will calculate what size home loan you can potentially afford.
You should not pay much more than R450,000 for that property, said MortgageMe. Keep this figure in mind when looking at properties, and ensure you look within your budget, it said. Vastly different from looking for your dream home as a first-time buyer, when looking for a house to flip, it is a good idea to find the worst house, but in the best area, an ugly house that ideally only needs cosmetic changes to transform it. Elements of a house that are relatively simple to transform include, floors, walls, roof, cabinets, countertops, and the garden.
“By doing this you can also take your time renovating and save money in the long run by finding the right contractors.”A team of experts will make the journey less laborious and possibly more cost-effective in the long run, the property expert said.
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