When it comes to investing in real estate, people tend to think of buying a house and renting it out, buying a condo or another sort of property that they can live in, or buying an old fixer-upper type of home and fixing it up so that it can be sold for a profit.
Seniors might not seem like the most natural fit for real estate investing, but there are many ways seniors can benefit from making such an investment. With the right knowledge and careful planning, seniors can use house-flipping as an excellent way to invest their retirement savings and generate a reliable source of income from the properties. Today, Lifestage will introduce you to this opportunity and help you decide if it’s right for you.
What Is House Flipping?
House flipping is the process of buying a home, renovating it, and then selling it for a profit. The idea behind house flipping is that you can provide a needed service to property owners by turning their outdated or undesirable homes into attractive sellable properties.
Pros of House Flipping for Seniors
One of the biggest benefits of house flipping for seniors is that it can be a reliable source of income. When seniors invest in properties, they have to consider how much time and money they’re willing to invest in the property upfront.
This can be difficult for older people who are looking for an easy way to generate an income without having to work themselves. With house flipping, you don’t have to put any money down upfront.
That means that if you buy a property, do some renovations, and then sell it, you won’t need to worry about trying to find tenants or homeowners willing to pay rent on your property while you try to find a buyer or waiting for someone else’s mortgage payments each month.
Cons of House Flipping for Seniors
House flipping is not the right choice for everyone. It’s a short-term investment that doesn’t provide long-term benefits like traditional investments do. You’ll likely see a return on your initial investment within a few years, but once the property is flipped and sold, you will be out of the picture. This type of investment might not be appropriate for seniors who have big financial needs or those who are unfamiliar with such an undertaking.
Senior-Friendly Strategies When Flipping Houses
House flipping for seniors means that you’re buying a fixer-upper home, renovating it, and then selling it for a profit. It can be a great way to earn money in retirement, but you’ll need to plan carefully to make sure you don’t take on more than you can handle.
One of the best ways to do this is by hiring a professional contractor who knows what they’re doing. They will help you with things like fixing up the house so that it’s livable and pretty, helping with repairs, and making sure everything is structurally sound before moving on to renovations. This is especially helpful when you’re adding attractive, functional features to the property like a modern range hood that eliminates kitchen odors and improves ventilation.
Make sure that your contractor has experience flipping homes or doing other work like it because if they don’t, they may not have the skills necessary for your project. You’ll also want to make sure that your contractor has experience renovating houses in the area where you intend to sell your flipped property.
This will ensure that there aren’t any surprises when it comes time for sale. As always, make sure that all your contractors are licensed professionals and insured so that if something goes wrong during their work on your property, they’re covered financially.
Finally, make sure that you get a word out on your finished property. These days, advertising on social media platforms is a surefire way to generate interest. And it doesn’t have to cost a fortune, either! For instance, you can create Facebook ads that you can customize with eye-catching photos of the property and snappy details – and best of all, the tool is free to use!
Is House Flipping Right for You?
Now that you’ve gotten a feel for what goes into flipping houses, it’s time to decide if this is the right pursuit for you. Obviously, it takes some work, and there’s an element of risk. On the other hand, it can be a fun, exciting, and highly profitable way to pass your time, and there are plenty of resources out there to help you on your way!
Lifestage brings over 100 years of combined experience in various aspects of the health care industry. Call 509.473.9956.
Guest Author Millie Jones www.seniorwellness.info
Ty Strahl is the areas leading senior adviser. Her job is to help you navigate the many aspects of aging and to help seniors who are in transition to find the right solutions for their individual needs.