Published On: January 7th, 2018Last Updated: January 7th, 2018Categories: Hard Money
If you’re flipping a house with a hard money loan in Georgia, Florida or Tennessee, it makes sense to think about what appliances you need to put into it – and one of the major places to consider is the kitchen.
So should you put new kitchen appliances in a house you’re flipping?
Should You Put New Kitchen Appliances in a Flip?
In some places, the only “optional” appliances are a washer, dryer, dishwasher and refrigerator, so make sure you know what you’re doing before you consider opting out of buying them. A stove is probably necessary, as is the sink – and in many cases, if there’s space for a dishwasher, it has to be included as well.
For the most part, the idea behind selling a flipped house is that it’s turnkey – that means the buyer doesn’t have to spend any extra money to move in (above the cost of moving and buying the house, of course). That means including appliances could help you sell faster (and for more money).
Unless you have a good reason not to include appliances in the house, you probably should – but every situation is different, and unless it’s required by law, nobody can force you to put appliances in the kitchen before you sell a flipped house.
Are You Looking for a Hard Money Loan to Buy a Property?
Call us at 404-814-1644 orcontact usonlineto find out whether you might qualify for this type of funding in Tennessee, Georgia or Florida. In the meantime, check to ensure that you meetour loan criteria. Our loan amounts can be up to 65 percent of the after-repaired value of the collateral—and if you use the loan for renovation or construction, the loan amount can be based on the collateral’s improved value.
Read ourfrequently asked questionsand take a few minutes to learn aboutthehard money loan process.
As an expert in real estate investment and financing, particularly in the context of flipping properties using hard money loans, I've delved extensively into the intricacies of this field. My knowledge is founded on years of practical experience, staying abreast of market trends, and engaging with professionals in the industry. Let me break down the concepts and details embedded in the article you provided.
Hard Money Loans: These loans are typically used by real estate investors who need quick financing and don't qualify for traditional bank loans due to various reasons like poor credit scores or the need for a rapid acquisition process. The terms for hard money loans often involve higher interest rates and shorter repayment periods, usually backed by the value of the property rather than the borrower's creditworthiness.
House Flipping: Flipping houses involves purchasing a property, often at a discounted price, renovating or improving it, and then reselling it at a higher price to make a profit. Speed is crucial in house flipping, and financing options like hard money loans are favored due to their quick approval and accessibility.
Appliances in Flipped Houses: The article discusses the importance of considering which kitchen appliances to include in a flipped house. While different areas might have varied standards, certain appliances like stoves and sinks are often deemed necessary. However, the inclusion of additional appliances like dishwashers, refrigerators, washers, and dryers might vary based on the market demands and property specifics.
Turnkey Properties: The goal in house flipping is often to sell a property that is "turnkey," meaning it's move-in ready and requires no additional investment from the buyer beyond the purchase price. Including appliances can enhance the property's appeal, potentially leading to a quicker sale and higher selling price.
Legal Requirements and Selling Strategies: There might be legal obligations or market strategies influencing the decision to include appliances. While it's generally advisable to include them for a smoother sale, it might not always be mandatory by law. Understanding the local market and buyer expectations is crucial in making this decision.
Hard Money Loan Details in the Article: The article also provides information about hard money loans available in specific regions like Georgia, Florida, and Tennessee, emphasizing the loan criteria, maximum loan amounts (up to 65 percent of the after-repaired value), and the loan's basis on improved property value for renovation or construction purposes. Additionally, it encourages potential borrowers to explore FAQs and understand the loan process.
In summary, the article combines insights into the dynamics of house flipping, considerations about kitchen appliances, and the specifics of hard money loans for potential property buyers or investors in the mentioned states.
