Flipping Houses For Dummies
Explore Book- Are you going to live in the house while fixing it up?
- How long can you afford to hold the house before selling it?
- How extensive are the renovations you're willing and able to perform?
- If the market remains strong, your property value rises without your having to lift a finger.
- Your equity in the property rises, boosting your borrowing power for other investments.
- By living in the home for two years or more, up to $250,000 of your profit ($500,000 for a couple), is tax free, at least according to the tax laws as of late 2006.
- In areas where property values are soaring, the housing bubble may burst, leaving you with a home that is worth less than what you paid for it.
- Stuff happens. You can have a great house at a great price in a hot market with the top agent working to sell it, and the house still may not sell. Prepare yourself for all possibilities.