A Brief Guide to Successfully Entering the House FlippingWorld in Your Golden Years

Teresa Greenhill is the co-creator of MentalHealthforSeniors.com, which is dedicated to providing seniors with information on physical and mental fitness. Being a senior herself, Teresa, with some help from her granddaughter, manages the website as a way to keep her busy and help other seniors be active and happy in their golden years.

This blog post is authored by Teresa Greenhill.

As a senior, you may find yourself wanting more stimulation and activity in your life after the initial period of relaxation right after retirement. Maybe you're glad to be done with the grind of the typical nine-to-five job but still feel unfulfilled. Starting your own house flipping enterprise may be the solution; it offers flexibility, control, engaging activities, and the opportunity to supplement your lifestyle with a little extra income. If that sounds like exactly what you’re looking for, here are some tips to help you get started.

Manage the Technicalities 

If you plan on forming a business, you need to pick a business structure. Small business owners usually choose to form a limited liability company to take advantage of liability protection and tax perks. However, LLCs also come with advantages like being cheaper and easier to form and requiring less paperwork. Forming an LLC in North Carolina requires five steps, but you can use a formation service to handle the legwork. You will also need to procure an Employer Identification Number, insurance, and the necessary permits and licenses. 

Locate the Perfect Property

All houses and locations are not created equal. You should carefully inspect and research the house's history, the property it sits on, and the neighborhood it resides in. Houses associated with murder, criminal activity, or hauntings may be difficult to sell. Being in a poor neighborhood may also affect value and render the house less appealing to families. On the other hand, proximity to grocery or big box stores, schools, major employers, and public services such as libraries and parks may raise appeal. Who lives in the neighborhood matters too since individuals may wish to move into places primarily occupied by those of similar situations in life. Who you want to attract impacts what features you search for.

Next, assess the condition of the home. Avoid ones with severe issues such as rotting roofs or foundations or defunct electrical systems in need of replacement. Those with mostly cosmetic issues are more likely to bring in more than you sink into the flip. 

Select the Right Renovations

Certain changes are necessary for making homes liveable, such as minor plumbing repairs. Others must be made with caution. You want to choose renovations with a good return on investment. When it comes to kitchen or bathroom remodels, consider if they are worth it first. Even if you don’t do a full renovation, you can still add upgrades like a wall mount range hood to help clean the kitchen’s air.

Green remodeling (new windows, solar panels, tankless water heaters, etc.) has increased in popularity with awareness of global environmental issues. Eco-friendly touches can add value, but this does depend on location as well. 

Finish With Placement on the Market

Once your house is ready, all that's left is to put it up for sale. Locate an agent, making sure to consider relevant questions such as if he or she has sold homes in the area to assess his or her suitability. Gathering documents, holding viewings, marketing, and all the assorted tasks involved in putting a house on the market take effort. Hiring a professional will considerably ease the time and labor burden of selling the house. 

Statistics show that more and more seniors are starting businesses. House flipping is a way to earn some extra income and feel engaged while still enjoying the freedom of retirement.

For a full range of residential real estate services from construction to property management, visit Collins Builds today!