Flipping involves buying a property to sell at a higher price. The best way to do it is by improving your property to increase its resale value. Then you need not wait for the market prices of residential properties to go high. Rather you can readily sell it for a profit. Here are 5 smart ways to succeed in this venture.
Buy a House the Smart Way
A home loan is the smartest tool to finance the purchase of a house. Try to get the loan from a reputed bank that offers the following benefits:
- Loan amount up to 5 crore INR
- Flexible tenure up to 30 years so you can pay the EMIs as per your capacity
- Low interest rates as per your credit and loan repayment history
- An online home loan EMI calculator on the bank’s official website to show the EMI as per your chosen interest rate, repayment term and loan amount
- A digital application process to ensure your safety and get an instant approval
Once you buy a house with the loan, take steps to boost the property value. You may take another loan to finance this project.
Paint the House
Choose high-quality paints to coat the house. This can not only improve the appearance of the house but also make it more efficient. Pick statement colours in neutral shades to brilliantly contrast accent colours. Follow a flowing layout and a consistent colour scheme. You can use colour psychology and choose blue to boost imagination, yellow for optimism, green for freshness and so on.
Invest in Modern Flooring
Carpets are soft and comfortable. But they are hard to clean and prone to wear and tear. So, better go for floorboards in laminate, tile or wooden finishes. They are highly durable and last long. Plus you can clean them easily. Don’t worry about the costs. Choose a low interest rate in the home loan calculator and ensure that the EMI amount is payable.
Buy Smart Home Appliances
Prepare to stun the purchaser of the property with smart technology appliances. These can include an energy-efficient thermostat and microwave. An air conditioner that automatically goes off when the room is adequately cooled can also be a great addition. Consider purchasing a fridge that lets you set different temperatures for the compartments and has a touchscreen display. You can also get a griller that alerts you once the meat is grilled. Include the costs of the appliances in the online home loan calculator.
Light up the Interiors
No. Don’t go for those yellow incandescent bulbs or rectangular fluorescent lights. They only glow in a specific area and leave the remaining space in dim light. Opt for LED lights. They are quite the rage now. You can strategically place them in every room to illuminate it dramatically and highlight the best parts of the interior.
You can also enhance the exteriors to grab the buyer’s attention right in the beginning. No matter how you improve the property, let a house loan finance your investment. Remember to use the home loan EMI calculator to settle for EMIs that you can comfortably pay within the tenure.