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5 expert tips to find the perfect home to flip

By Jessie Stewart

Former House Rules champs, Aaron and Daniella Winter, know a thing or two about a successful reno. They’re now seasoned ‘flippers’, turning fixer-uppers into property gold on the Gold Coast.

Their most recent flip in Broadbeach Waters has just come onto the market with an asking price of $1.325 million – a major glow-up from the $670,000 the pair paid for the dated three-bedroom house in 2015.

Before the Winters got to work, the property had a solid skeleton but needed some vision and TLC to bring it back to life. With three bedrooms and one bathroom, the layout was not being maximised and too many walls were closing off the living areas into separate zones.

The outdoor area also took little advantage of the spectacular waterfront location.

Following the flip, the house is a Palm Springs-inspired paradise, now with four bedrooms, two bathrooms, an open-plan living area and an expansive indoor-outdoor space centred around a pool and cabana (complete with built-in barbecue).

The predominantly white palette gives a fresh and vibrant contemporary look, providing a perfect canvas to nail the coastal-chic vibe of the location. Pops of green, yellow and blue bring it all together in wallpaper, prints, paint, furniture, plants and soft furnishings.

Structural changes really opened up the layout to be a breezy family home, ideal for entertaining and relaxed Queensland living.

So, how did Aaron and Daniella know they’d found the perfect home to flip? Here are five of their hot tips.

How to find the perfect home to flip

1. Is it structurally sound?

“Does it have good bones? That’s the one thing that’s going to save you mega money at the backend,” Aaron says.

If you’re not confident with checking this yourself, a professional building inspection is a worthy investment.

2. Avoid a bad layout

A poorly considered floor plan is an “absolute no-no”, Aaron says.

Older homes can often have inefficient layouts that modern buyers don’t want, such as small boxed-in rooms and pools dominating a backyard. Check that any changes you plan to make won’t affect the foundation of the home (in other words, can be easily and affordably updated, such as knocking down an interior wall that isn’t supporting that roof).

3. Look at the lived-in spaces first

The big three you’ll want to tackle first in a flip are the kitchen, bathroom and living area, Daniella says. These are the rooms that will give you most bang for your buck in terms of return on investment, so your budget and time should focus here.

4. Start small

Flipping is an exciting venture, but don’t get carried away with big dreams for your first one.

“The one thing we’ve learned is, if you’re getting started into flip, don’t go for a huge property. Scale it back,” Daniella says.

There’s plenty to learn during the renovation process, so work your way up to that large-scale project. Slow and steady.

5. Don’t overcapitalise

When renovating for the purpose of profit, it’s a good rule of thumb to stick to a budget of up to 30% of your purchase price, Aaron says.

Be sure to stay within the limits of your spend by making practical decisions over emotional ones – overcapitalising on lavish updates will affect your overall return.

Source: www.realestate.com

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