Here are some of the key topics discussed in the podcast. We’ve also created a checklist to help you begin your house flipping journey.
What kind of property to flip?
Our real estate expert Saeshen Attapallil has seen a fair bit of house flipping. He says that while you can make a profit from renovating an apartment to sell, you are also limited in what you can do and don't have control over common areas. For that reason, a house is always going to provide you with more opportunity and also the potential for dual residency in the form of a granny flat. When it comes to a house, walls and floors are top of the list for a refresh, kerb appeal is paramount and lots of flippers even paint the roof tiles! Another tip from Saeshen is to go for brick, and that rendering for a modern look is very popular with renovators.
Cosmetic or structural renovation?
Cherie Barber has renovated over 100 properties over the last 30 years and has taught thousands of students her formula for success. Due diligence is key when it comes to choosing and assessing a property, and planning out your flipping strategy. First-time renovators are better off doing a cosmetic update, which should only cost 10% of the purchase price. Cherie has great tips on how you can redo a kitchen or bathroom for only a few thousand dollars. A structural reno is more involved but can be well worth the investment, as Cherie's history shows. Where you buy is just as important as what you buy, so be prepared to do your research and perhaps go to the outer suburbs or regional areas to begin your house flipping enterprise.
Check out Cherie's Top 5 tips for renovating for profit