The Benefits of a Flip

The average home buyer typically has a general understanding of what a “Flip” is. An investor buys an outdated property for below market value, renovates the property to various degrees, then resale’s it for market value or higher. Depending on the buyer’s situation, this could be an ideal route or something to steer away from.

It goes without saying that the investor is aiming to profit on the property. However, if you are looking for something in a specific neighborhood that is up-to-date and move-in ready, then the convenience of a recently flipped property could be worthy of the slightly higher price. On the other hand, if immediate equity is important and your budget is low in comparison to your desired location, then a flipped property would not make much sense.

The exponential advancement in technology and the generational movement in style and design has shortened the amount of time that a property can stay up-to-date. Homes built in the early 2000’s, which does not feel that long ago, are quickly reaching 20 years old are starting to fall behind. The time and effort it takes to open up the walls, evaluate the bones, make improvements, then redesign the finishes is not for the weak-hearted. As dramatized in so many HGTV series, you never know what you’re going to find.

For that reason, a fully renovated property like 2804 Soft Horizon located in Red Rock Country Club will surely make someone a very happy homeowner.

Red Rock Country Club began development in the 90’s and as you tour homes that have not had many improvements, you can definitely tell. Traditional finishes and neutral palettes throughout. That has all changed for the new listing on Soft Horizon.

Cool hues of grey, a bright white kitchen, and contemporary finishes jump out at you as soon as you enter. Everything looks and feels new. The designer light fixtures are clean and modern, as are all 4 bathrooms and all walk-in closets.

Attention to detail brings this home to a better than new standard. The runaway backyard is a unique setting for enjoying sunny days. The lot seamlessly merges with the golf course, almost as if your backyard is apart of the park.

The home was purchased for $600k and received a 4-month long full renovation. It now listed for $1.2 million. A combination of the surrounding comparable homes, market inflation, and a like-new renovation, almost justifies this list price. It is higher than average for the size of the home, but that begs the questions “what’s more important, convenience or the best deal?”

See the full home here.

Copyright Jimmy Foster. Market Statistics from GLVAR. Photo & Video Credit Shapiro & Sher Group

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