Start with the interior wall colors of your home. Most buyers are more attracted to light or neutral colors. Bold colors tend to make a room feel dark and cold. Repaint any walls if necessary. If you are having trouble choosing a wall color try choosing a few paint samples. Paint a very small section of the room in an off white, an egg shell, and a cream color. This will help you decide which color matches the flooring, fixtures and the overall look of the room. If you have chosen to paint the walls white, try adding a second neutral color to one wall to create an accent wall in the room.

Make sure all moldings are in good condition. Make sure to look for scuff marks and exposed nails along the base boards. Replace or repair any cracked, chipped or broken pieces. Repaint them if necessary.

Check all the interior and exterior doors of your home. Make sure all the doors close properly. A warped, worn or damaged door can be easily seen by potential buyers. Make sure all the handles and knobs lock and unlock easily. Inspect the tracks of any sliding doors. Clean out the track areas. Repair any problems you find. Replace the door if necessary.

Take a good look at your homes flooring. If you have tile or hardwood flooring, check for chips and cracks. If you discover your hardwood floors to be scraped, scratched or faded try refinishing it. Make sure all your carpeted flooring is cleaned to remove any signs of stains. Press down firmly on the carpeting near the doorways and closet entrances. Make sure you do not feel the tack strips poking through the carpet. Exposed tack strips in carpeting is a major safety hazard. If your carpet is old and matted looking, consider replacing it.

Check all the windows of your home. Make sure the glass is safely secured and not cracked or chipped. Try opening and closing all the windows to make sure they are working properly. A window that does not open or gets stuck is considered a fire hazard. This can cause a home to fail an inspection. Check the screens in the windows. Look for any rips, tears or cracking around the edge. Replace the screen if it is wore or damaged in any way. If the screens are just dirty, simply remove them and wash them. Inspect the window sills for signs of water damage. Repair and seal any water leaks. Replace the damaged windows and repair the window sills.

Inspect you interior plumbing. Check cabinets and shelving under your sinks. Make sure there are no plumbing leaks that can cause water damage. Flush all your toilets several time to make sure they are flushing properly. Make sure the bowl fills with water promptly after it is flushed. Remove the lid on the back of the toilet. Inspect the metal pieces such as the arm and chain attached to the ball on the flushing mechanism.

If you see signs of rust or corrosion, replace the components. If there are water shut off valves, test them to make sure they are working properly. Inspect the water supply lines going to your washing machines, refrigerators and dishwashers. Test the temperature of the water supply going to your appliances. Make certain that hot and cold water works properly on these appliances, such as washing machines and dishwashers.

Test all the telephone jacks installed in your home. Go to every telephone jack in your home. Plug a regular phone in, listen to make sure a clear dial tone can be heard. Replace any jacks that are not working. Cover the outlets with an outlet cover if the telephone jacks are not able to be repaired. If necessary contact the local phone service company for assistance.

With a small appliance such a radio or hair dryer go to each electric outlet and plug it in, making sure each outlet is working properly. If the outlet is wired to a switch mounted on the wall, flip the switch on and off to insure the switch is operating properly with that particular outlet. Make sure all electric outlets have a face plate mounted on them. Test all the breakers in your electrical box. Make sure each one turns on and off properly. Hire a professional electrician if you suspect there is a problem with your homes electrical system.

Repair, replace and clean any grout or caulk lines, that you may have in kitchen or bathroom. These can be found around your sinks, tubs and counter tops. Most grout lines can be easily cleaned with a small brush and soapy water.

When are finished with interior be sure to move to the exterior of your home. Make sure to clean out any debris form your homes gutter system. Replace or repaint any rusted pieces. Make certain the water is draining out to the proper area in your yard, away from walkways and patio areas. A muddy and mucky walkway, porch or patio can possibly deter a potential buyers.

Be sure to check outsides water faucets for excessive drips after the water is shut off. Be sure to unhook your water hoses before testing the faucet. There may still be excess water in the hose that will drain out after the faucet is turned off, this is normal. You may need to replace the seal or the entire faucet if water continues to flow or drip from the faucet after it is turned off.

Cracks or uneven surfaces cannot only make your home look bad, but can also be a safety hazard. If you have a concrete driveway, make sure to seal and repair any cracking. Pathways leading throughout your yard should be clearly defined. Make sure all brick or stone walkways are level.

Lastly have your homes roof inspected. Call a professional to inspect your roof for any signs of leaks or water damage. Missing, broken or cracked shingles are all signs of damage. If any damage is found, check your attic for water damage caused from possible leaks.

After you have gone through the above suggestions, take one last look around your home to make certain nothing was overlooked. Most of the above suggestions may seem obvious to some people. However if the seller ignores or overlooks a problem it can become much harder for a buyer to appreciate the home. Buyers do not want the hassle of repairing and fixing a damaged home or property. Most serious buyers will hire a property inspector to inspect your home before making a final decision. Lastly, keep in mind, the suggestions above may not apply to every home. These suggestions are not the only things that need to be considered when it comes to selling your home. They are just a few suggestions to get you started.

How do I find a good home to rehab?

In my experience, it is usually the real estate agents who come across properties that are excellent candidates for rehabbing. Most realtors will be happy to send you new listing as they come up.

Look for homes that have been neglected from a maintenance and cosmetic standpoint, but without serious structural problems. Every house will have a different potential for return on investment so educate yourself on the neighbourhood and what you might realistically expect to get.

If you look for vacant, abandoned or boarded up properties, you can often get the owner to help with the financing by way of a “vendor take back” mortgage. Not only are they motivated, but knowing that you intend to resell the property in the near future all but guarantees a quick return of their funds.

How do I estimate the cost of repairs?

This is not as difficult as you might thing. Once you have flipped a few houses, you will have a pretty good grasp of what things costs.

For those repairs you cannot do your self, you will need to find professional contractors. The best way is through referrals. Whenever using contractors, get a few quotes and referrals and make sure they put everything in writing. Once you find the best contractors, you can stick with them from project to project.

If this is so great, why doesn’t everyone do it?

The first reason is time. Time commitments vary from project to project and from person to person. If you plan on six months from start to finish, this means you will not see any profit for six months. Hopefully, your project will be completed sooner, but it could also take longer!

The second reason is the seed money. You have to come up with money for these projects not only to purchase and repair the property, but to carry the associated costs of another house until closing. A good deal with great potential is lost if you cannot afford the initial investment.

You also have to learn that financing is not always straight forward. Qualifying for a mortgage depends on things like credit rating, income, down payment, etc. Few conventional lenders will be anxious to lend based on your projected returns so you may have to turn to a broker who is specialized in hard-to-place mortgages.

I have the house, now what?

Once you have the house and can start on the project, you really need to keep one thing mind – your goal is set your house apart from every other property for sale in your neighbourhood.

Since curb appeal gets them in the door, get the front of the house looking fantastic and replace the roof and windows if needed. Buyers like to see that these items have been replaced due to their perceived expense. Modernize the landscape and outdoor fixtures and doors. The house that looks up-to-date is going to attract the most attention.

If your house does not have central air conditioning, have it installed. Not having central air tends to solicit a negative response, since it is almost expected now.

Hardwood floors are extremely desirable so if your house does not have hardwood floors that can be refinished, have them installed. If your budget prohibits the entire house from being fitted with hardwood, just do the living room and dining room. There are plenty of inexpensive but modern choices in ceramics and carpeting. Bathroom and kitchens sell houses, so plan on spending the bulk of your budget on these rooms. Try to incorporate some luxurious touches that add that extra appeal – such as whirlpool tub or potlights.

I’m done, now what?

Much like a model home, you need to present your rehabbed home in the same light. Borrow or rent tasteful furniture and accessories to demonstrate to your potential buyers how well the house functions.

Rehabbing or flipping houses is not for everyone and it is not guaranteed income, but it is fun and potentially rewarding for those who like a creative and hands-on approach to earning money!