If you’ve ever thought about getting into house flipping, there are several things to consider. One of them is whether or not you’re in the right place to do it.
WalletHub recently compared over 170 U.S. cities for market potential, cost and quality of life. It did so to help potential house flippers choose the best market to list their homes.
“Our data set ranges from median purchase price to average full home remodeling costs to real-estate agents per capita,” it said.
Several Georgia cities landed on the list.
Columbus ranked the highest at No. 65. The city came in third for market potential and had a total score of 57.20. Renovation and remodeling costs put it at No. 73 while it came in at 165 for quality of life.
Next was Augusta, which was No. 87 with a total score of 53.58. The city is 37th in market potential and 79th in remodeling costs. Its quality of life comes in at 151.
Still, Columbus and Augusta faired better than Atlanta.
Georgia’s capital city ranked 135, with a score of 45.02, making it one of the worst places to flip a home. While Atlanta’s quality of life score was high, it came in 52nd for market potential. The renovation and remodeling costs are near the bottom at No. 163. The city has some of the highest average full-home remodeling costs.
According to First Bank, there are several pros and cons to house flipping.
Benefits include the potential to make a good profit, personal development and the rewards of rehabbing a home. But risks also exist. They include stress, knowing where to start and the potential to lose lots of money.
If you decide to flip a house, Duke University economics professor Brittany Cousin says it’s best suited for people “who are ready for their job to be both art and science.”
“Flipping houses can be full of surprises, delays, and reevaluations, which require patience and flexibility. However, it is also a business, which means flippers must be able to not only make decisions on the fly but also remain aware of the financial implications of those choices,” she told WalletHub.
“Flipping a house is about making it beautiful enough to attract a buyer at a good price, but it is also about making responsible decisions about the improvements that you make.”
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