While house-flipping in general is slowing down, and profits are slowly decreasing, there are still a few places left worth flipping. Here, real estate investors can score big returns by buying foreclosed or distressed properties, renovating and then selling them. If you're an investor who's looking to dive in, these five U.S. cities are tops in the nation for home-flipping profits.
Pittsburgh, Scranton, Reading
Pennsylvania is a big player when it comes to the best cities for home flippers. Pittsburgh, Scranton, and Reading all consistently average well above a 100-percent ROI for investors brave enough to take the plunge, with Scranton topping the list at 134, according to AnchorLoans. Pittsburgh is second at 132.5 percent, and Reading comes in at an impressive 129.3. Several factors combine to make these areas ideal for home investors:
- Pennsylvania hovers near the top of the list for home foreclosures, meaning plenty of properties are available.
- Home values in these cities are beginning to edge up. Once you've flipped your home, you won't have any trouble selling it.
- These towns are riddled with older homes that sell low because they need renovation. Once flipped, the market for reselling them is prime.
If you're considering entering the house-flipping industry, these three towns in the Keystone State are good places to begin.
Kingsport, TN boasts high livability scores, thanks to its strong economics, sweeping Smokey Mountain vistas, and tons of green space. The average annual income here is around $37,500, lower than other cities in the U.S. But it's high enough to make the average home highly attainable at just over $135,000. Kingsport is right in the middle of a huge tourism industry that's built around country music, and you can't fault the view. House flippers who come to buy up older homes, renovate and then sell them are earning up to a 104-percent ROI. This makes Kingsport a major attraction for investors looking to flip.
Home flippers in Augusta are still clearing an average profit of 101.1 percent -- even as the flipping industry continues to decline. This is due, in part, to the downtown area that's rapidly under development. Augusta University and the Cyber Training and Innovation Center are huge draws for this area, and rental properties are in great demand. This makes downtown Augusta a prime real estate market for anyone hoping to buy high and sell higher.
If you've always wanted to try your hand at real estate flipping, you're getting in near the end of the game in 2020. Still, if you snap up the right properties in the right areas, there's money to be had. These cities are great jumping-off points.
1 Leisure Ct, Holland, MA 01521
Like any house hunting wish list, certain items take precedence over others. A lot depends on your lifestyle, the age of your family members, and even your health. If, for example, you need to visit your doctor regularly or pick up prescriptions every other week, living a short distance from a pharmacy and medical offices will make your life a lot easier.
Since grocery shopping is something everyone does at least once a week, finding a home within ten to 15 minutes of a supermarket will save you time and gas money. Your real estate agent or listing agent should be able to give you a good rundown of nearby amenities -- but you'll be better able to evaluate those conveniences if you have a clear idea of what's important to you and your family.
- Transportation: Short commutes to work are high on most people's house-hunting "wish lists." City dwellers often need to be a short walk from bus stops, subway stations, and other modes of public transportation. Frequent travelers prefer a short drive to local airports, train stations, and major highways.
- School district: Whether your children walk to school or take a bus, proximity to schools can be a very desirable feature. That's especially true if they're running late in the morning or participating in after-school programs.
- Daycare: Working couples with babies and preschool children are often dependent on friends, relatives, or commercial daycare facilities to keep a watchful eye on their kids while they're at work. With busy schedules and hectic lifestyles, having a caregiver who's just a short distance away can make your daily routine much less stressful.
- Fitness and recreation: It's all-too-easy to ignore our need for regular exercise when the nearest public park, golf course, or tennis court is 45 minutes away. However, when your home is located just a stone's throw away from walking paths, biking trails, and fitness facilities, you'll have much more of a tendency to stay healthier and more active.
- Houses of Worship: While everyone is different when it comes to religion, proximity to the church, synagogue, or mosque of your choice can be a major convenience factor.
- Banking: Although more and more banking tasks can be done online, having access to a nearby ATM is sometimes a necessity!
8 Reed Hill Rd, Wales, MA 01081
Proper insulation not only helps you save on your energy bills. It reduces your energy impact on the environment and may create a great selling point for your home when the time comes. But knowing were to insulate an existing home can be a project. Here's what you need to know.
How to Do an Insulation Assessment
First, you'll need to turn off the power at the breaker box. Have your flashlights ready.
Remove outlet covers around your home and look inside to see if you have insulation. You might not have to check every outlet, but do check them on multiple floors and one on each wall to understand how well walls are insulated.
If you have a wall that gets hot in the summer or cold in the winter, you may want to dig deeper. Pull a little out to see what kind it is and how thick it is.
Next, check your attic, basement and crawlspaces. This insulation you can more easily see. Use a yardstick to measure its depth and look for areas that are thinner than others.
Additionally, you may consider insulating:
What You'll Need to Install Installation
There are many insulation projects you can DIY. For example, re-caulking leaky windows and sealing drafty doors can help tremendously. But you can also add insulation in the attic and basement with either loose-fill or blanket insulation. Here's what you need.
Prep the Area
Take this opportunity to look for leaks. If you see signs of active water damage, you need to repair it before laying insulation. Now, place your plywood so you have somewhere to stand safely.
Lay insulation in areas where it's lacking. You can staple it to roof beams and beams on the floor. Just cut it to size if needed.
Keep in mind that when you open a pack of roll insulation, it expands. So please don't open it until you have it in the general area where you want it.
*Pro tip* To cut blanket insulation more easily to fit, lay a two-by-four over the place where you want to cut it. This temporarily compresses it there so that you have a thickness that's easier to cut through.
If using loose insulation, power up your insulation blower and aim where padding is needed. Always, carefully rinse off after applying insulation to reduce skin and lung exposure.
And you're ready for lower energy bills through winter and summer. For more tips DIY home maintenance tips, follow our blog.