Posted on: 8 December 2020
Flipping houses is an easy way to make money in real estate. If you intend to engage in this business, a conveyancer can guarantee the profitability of your venture. Read this extract to learn why you should hire a conveyancer as you flip property.
Identifying Suitable Property
An experienced conveyancer will help you choose a suitable property. Typically, they will inform you properties that are in high demand in your locality. They could also help you conduct a real estate forecast. For instance, most properties are listed during spring, and prices tend to increase during summer. However, the prices start to drop at the end of autumn. Certain features will make the property stand out. For instance, an expansive compound allows potential owners to extend the property or install landscape features. On the other hand, energy-efficient homes are more appealing and reduce the costs of running the house. Open living spaces and large kitchens will make the house look spacious.
More often than not, the property that you purchase will require some renovations before you list the property. Your conveyancer will examine the property and advise which renovations will increase customers' interest in the property. For instance, they could advise you to repaint the wall, include interior fixtures and conduct drainage and roof repairs. Landscape improvements will improve the curb appeal of the property. Besides, the property should be pest-free.
The conveyancer will advise about suitable financing. For example, the professional could ask you to refinance your mortgage if your home has sufficient equity. Alternatively, you could take a bridging finance loan that allows you to combine your home loan with the mortgage of the new property. You will make interest-only payments and pay the principal amount once you sell your home. If the house requires significant renovations, a construction loan suits you best.
Contract of Sale
When buying the house, the conveyancer will help you negotiate the terms of the contract of sale. For instance, they will ensure the closing date gives you sufficient time to organise financing with your bank. A low priced property will attract a lot of buyers. As such, the conveyancer could include a gazumping clause that prevents the seller from accepting offers from other buyers. The professional could also ask the seller to conduct minor renovations on the property.
Your conveyancer will keep an eye on the real estate market and advise when you should list the property and what kind of offers you should accept. Besides, they will represent your interests as you sell the house.
For more information, contact a local conveyancing service.Share