Flip That House - Does it Work in Fredericton?
Ben Schmidt of www.benschmidt.tv a Fredericton NB and Oromocto NB Real Estate Agent video blogs about flipping homes in Fredericton and Oromocto
I often hear from people they want to buy a home, fix it up, and put it on the market for more. Everyone and their dog has seen one of this 'flip' shows on TV and actually think it is just that easy. Well it is not, or everyone would be doing it.
I don't have an exact reason for why it is so hard to do in Fredericton, but here are some ideas.
- Inventory... we are a small city. Not as many homes on the market like a big city
- Employment... our city has very stable employment and therefore people are able to make their payments
The best strategy with our marketplace is to have a buy and hold strategy. Purchase a home under market value, hold onto a unit for at least 3 years, do the necessary upgrades and when you go to sell, you will make your money.
If you disagree with my comments great! Love to hear about it. If you are interested in purchasing and improving homes, get in contact with me to discuss.
Give me an email at ben.schmidt@me.com and thank you very much Fredericton we will be talking to you real soon ;)