Want to be a flipper? Here are some tips to avoid potential problems
Do your homework
Jo Gray from Grovens Living advises those who are considering renovating to flip to check on their neighbours.
She says: 'See what is happening in the vicinity in terms of larger developments - these can add value long-term but during the construction phase the noise, obstruction of views and dust can hinder [your attempts] to sell your freshly renovated flat.'
Worse still, if you're looking to rent out, finding tenants can be difficult for obvious reasons. Also, many buildings have restrictions on what you can and cannot do - mainly to the exterior walls, for example hanging air-conditioning units on frames.
Keep to a budget and deadline
Habitat Property real-estate agent Amy Ng says stick to what you can afford. Someone who is renovating to flip doesn't want to spend six months with contractors working on an empty flat - it doesn't make financial sense. Aim to renovate within two to four months.