Welcome to the vibrant and exciting Palm Springs real estate market. Flipping homes in Palm Springs can be either a lucrative investment opportunity or a financial disaster. If you're fully prepared to flip and have the arsenal that you need in order to make it a successful investment, then you're more than ready to go. Despite rising property prices, home flipping in Palm Springs and the surrounding area has never been more profitable because many buyers are in the market for high-end luxury homes that they are more than willing to pay for. With that being said, there are a few things you should so in order to ensure you profit from buying and then selling a home, so here are a few tips for home flipping in Palm Springs and the surrounding Coachella Valley communities.
Perfect Property, Perfect Price
The first thing you want to think about before you even start to think flipping a house is the financial revenue that you'll be getting in return. You'll want to buy a home at the lower end of the financial scale in comparison to other homes of a similar size and location. Sometimes this means purchasing a property that needs to be fixed or renovated, so all of these things need to fall into how much you want to get out of the flip in the end.
In recent years, the average profit on a flipped home in Palm Springs was more than $50,000. Most of these homes were purchased as fixer uppers in established neighborhoods such as Warm Sands, Movie Colony, and The Mesa, just to name a few. Some of the best deals you can make require older homes that require renovation, properties that need a lot of TLC, and foreclosures.
Instead of searching for one of these hidden gems yourself, hire a real estate agent or real estate team in Palm Springs to help. When it comes to understanding real estate trends and the best revenue investments for your buck, a professional real estate agent is the perfect solution. They can also find homes that have yet to be advertised, giving you even more of an advantage.
If you are searching for a quality realtor in Palm Springs to help get the most out of either buying or selling, get in touch with RonParksTeam. They can provide even more insight into the market and make sure you achieve your real estate goals.
Knowing Your Renovations
Look at more than one property before you decide to buy. This seems like common sense, but it's more than just that. When you look at many different homes as opposed to just one or two, you and your real estate agents have a better chance of gaining inspiration about what renovations and upgrades would be best for a return on your investment. And beyond the financial gains, being creative and having a little fun with your home flipping endeavor is what it's all about.
Drive around Palm Springs and the areas that are the most profitable and take notes on what's selling and what's not. You can also look at the details of the sold homes in Palm Springs to find out how long it took certain homes in specific areas to sell, as well as how much they were sold for compared to the listing price.
As for possible renovations, high-end custom features like double-wide doors, huge pools, and outdoor bars will usually draw the attention of potential buyers from all over the country. See below for more beautiful features that are sure to attract buyers:
- Natural outdoor spaces and professionally landscaped gardens
- Generously large, clean pools with tile and waterslides
- Outdoor bars
- Mid-century modern architecture
- Open floor plans with more than 3,000 square feet of living space
Once you think you've found the perfect home to flip, hire a home inspector to look through it from top to bottom. Make sure they inspect the property as well. Real estate agents may have knowledge of the home and its history, but a home inspector can find all of those surprises that you don't want to deal with down the road. There's nothing worse than buying a home, only to discover weeks or months later that it was housing an ugly secret such as faulty wiring or a serious plumbing problem.
If you're looking to buy a specific type of home in the Palm Springs area in order to flip it, you can browse all the current MLS® listings in the Coachella Valley on our site. However, if you'd rather have homes for sale that meet a certain criteria in terms of price range or year built or style of home, you can sign up for the RonParksTeam home finder. Just tell us what type of home you're looking for and we'll email you as soon as homes that meet your needs hit the market.