How to Prepare Your Fix-and-Flip Property for Sale
Have you ever been in this situation?
You spent past the few months working what feels like around the clock on your fix-and-flip project. You have pushed your contractors, questioned your sanity, and fought bureaucratic red tape. Now construction is done, and now you are ready to sell and realize a return on your housing investment.
In this situation, there’s a vital question to ask:
Are you missing anything?
Here are some things that Lima One Capital has heard from our partners and clients in the past decade as we have financed thousands of fix-and-flip projects. As we have heard their success stories, we’ve noticed a few last-step things to remember before you welcome potential buyers or renters your first showing.
Check the doors and windows
Can the doorknob use a good polishing? Is the weather stripping correctly installed? Tiny details like these can go a long way in making sure you get the maximum return. To many investors, sloppiness in these areas equals a warning sign about problems that can’t be seen.
Look at the paint on the walls in different lights
That fresh coat of paint may have looked great when you finished it two days ago, but before you put the paintbrush back in the shed, try doing this. Use multiple lamps and lighting sources to cast shadows on the wall on different angle. Try to view rooms in bright sunlight as well. Looking at walls under different lights will help you find any imperfections and fix them before borrowers notice a problem.
Make sure every light bulb is working and every faucet turns on properly
A buyer wants everything to work in their new home. If something doesn’t function during a walkthrough, they may mark your home off the list entirely. This also is a time to change any batteries in smoke detectors, carbon monoxide detectors, or anything else that might chirp while buyers tour the home.
Make sure every outlet works
Again, this is all about making sure buyers have peace of mind. Check outlets beforehand so that if buyers check something, it works as expected.
Open and close all the windows
Make sure they are operating correctly, so that you have time to fix any that may some WD40. If any are quirky, you need to know so you can explain the reason to the buyer.
Final tip: Don’t guess on answers
If a buyer ask when the structure was built or when the roof was replaced, don’t make up a number. Know the answers to the most common questions, and don’t be afraid to offer to follow up if you don’t. Straight answers give buyers confidence and help them feel good about taking the next steps to purchase the property you worked so hard to flip.