This is a Bungalow style home and features 6 total rooms, 1 full bath, 3 bedrooms, 0.19 Acres, and is currently available for $479,900.

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There are two main factors at play that make buying versus renting a better choice.

1. According to Rent.com, over the next two years rents could rise 7%.
2. Nationally, home prices have finally dropped enough to create a buying opportunity. Since the price peak in 2006, home prices are down 32%.

What does this mean for your pocketbook? Home ownership is a forced savings plan. The mortgage bill comes in every month, the homeowner pays it and the mortgage balance goes down. Experts agree most homeowners will break even after just eight years in their home.

Renters, meanwhile, are just as likely to spend their savings as homeowners. They’ll wind up with less money over the long haul because they have no forced savings.  To see the real savings in dollars and cents, use a Rent vs. Buy Calculator.

This property features 5 total rooms, 1 full bath, 2 bedrooms, and is currently available for $1,400.

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This is a Colonial style home and features 12 total rooms, 3 full baths, 1 half bath, 4 bedrooms, 0.21 Acres, and is currently available for $709,000.

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1. KNOW THE AREA

It is not just about the house you want to buy but also the area. Focus on buying homes in an area that holds value and where homes sell quickly. The golden rule of a home, location, location, location, applies here as you will want the home to be able to be sold quickly. Get to know the average costs and days on market for homes in that area. The more information you have about the market you have chosen, the better decisions you can usually make when it comes time to buy.

2. DO NOT GET EMOTIONAL

This is a business venture; your goal is to make money. Emotions and money rarely mix well. Do not get emotional about house flipping. When choosing colors, fixtures and carpets go neutral, you will not be living in the home. Be careful of becoming too attached to the flip. Choose a price to sell the home, do not overprice the home. Overpricing typically leads to you holding the flip longer thus reducing your profit.

3. KNOW YOUR LIMITS

If you are new to flipping homes, it is important to know your financial and work limits. The budget will always be more than you anticipate, plan for unexpected problems. Start with homes that mainly have cosmetic problems. Look for houses that need new, modern paint or updated fixtures. Homes where the outside yard and landscaping are unappealing are usually a great buy and can yield more profit. Curb appeal is usually a problem that can be fixed very easily and relatively inexpensively while greatly increasing the value of the home.

4. HAVE AN EXIT STRATEGY

The point of flipping is to get in and out as quick as possible. Every day that you own the homes costs you money. Have a plan and know exactly what you’re going to do with the home before you buy. Make a schedule of when work will get done and drop dead date of the house going back on the market. If you don’t know if you can sell it quickly, don’t buy it.

This is a Colonial style home and features 8 total rooms, 1 full bath, 3 bedrooms, 0.15 Acres, and is currently available for $369,000.

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This property features 10 total rooms, 3 full baths, 3 bedrooms, 0.07 Acres, and is currently available for $499,900.

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