And if your home is flippable, it really comes down to two main factors:
- The type of home you have
- The neighborhood you live in.
And the great news about these two factors is Grand Real Estate Investments can help you figure out those two main things with your home.
Type of Home
The type of home you have is essential when flipping your home. It’s really hard to flip a brand new newly constructed home because it’s already done, and it’s considered a 10 out of 10 on the scale of whether my home needs repairs or not.
So and as that home ages, it goes down that scale and gets to the point where it could be very dilapidated and worn out.
If you have a home that was built in the 1930s or 1940s and it has been updated a few times during the years but it really hasn’t been fully updated in the last 15 to 20 years, then that’s a home that could potentially be flipable.
If you have a 1970s rancher with lovely green shag carpet, your home is definitely flipable.
I would speculate any home that’s dated with few updates over the past 15 to 20 years potentially has an equity swing of $50,000 to $100,000 that you could get out of it. And that $50,000 to $100,000 would really depend on the neighborhood.
Now, when you’re looking at our local market here in Eugene, Oregon, the neighborhood is very key. There are certain core areas that you’re just going to get a higher price for your home.
And the good news is, we know these areas better than anybody else in the Eugene-Springfield area.
We are investors and we are real estate agents and we look every single day, every single part of this city and we completely understand the home values.
If you would like to tell us where you live, we can give you an idea of what your flipped home may be worth. Just leave us a note below with as many details as you can provide and we’ll be in touch!