Avoid Over-Improving Investment Property

Interested in flipping houses?

A nightmare that ‘flipping’ novices encounter is over-improving a property. You can avoid that by pulling up comparables of recent home sales in the area where you plan to sell. Appraisers do this to find the fair market value of homes. That will help you determine how much money you can spend so you don’t over-improve the property.

Working within a budget, tackle projects that will add the most value to the home. Put your money there. Replacing old siding or adding a deck may bring more value than a soaker tub. Research and make choices that appeal to the majority of buyers. Keep your market in mind and remember the Proverb, “The plans of the diligent lead to abundance…” (Proverbs 21:5)

For more Biblical principles and practical advice, visit crown.org.