The Toronto real estate market is on fire, every time you turn on the tv or read an article prices are moving up! Feel like you're missing out on the action? You're not alone. Flipping properties is not as easy as it seems. I have been involved in many flipping properties for years and it takes a lot of time, money and work. If you are interested in flipping properties in Toronto...keep on reading.
Work with a Professional Realtor with Investment Experience
The knowledge and dedication of your Realtor (hopefully me!) is crucial to the purchasing of a property with the right potential to flip. I can walk into a home and assess the potential it has to turn a profit. I know what buyers are looking for and what renovations make sense in terms of ROI as an investor.
Determine your investment criteria
Numbers don't lie, the key to any flip project is determined by the numbers. What is your purchase budget? What is your renovation budget? Will it turn a profit? When I take on clients, I only try and find projects that will ensure they meet their financial goals. If I feel that a project is not feasible, you can expect that I talk clients out of buying it. I would rather lose a sale than let a client get into a project that I wouldn't get into myself.
How to Add Value
Buying a property in Toronto will incur a lot of costs - Land Transfer Tax, lawyer fees, financing costs, and the renovation. To recoup these costs, you have to make smart choices in how to add value in your property. That's where I come in. I help assess your total budget, look at what designs make sense and help you spend wisely. When you are looking to renovate, prioritize what will give you the best ROI and attract the widest range of buyers.