5 tips on flipping a Boston luxury condo

According to a recent survey taken among Boston members of the National Association of Realtors, condominium units are the preferred type of dwelling among 12 percent of prospective home buyers. In 2018, construction of single-family homes in Boston will not be as active as during previous years. However, Boston high rise condominium towers are expected to increase the housing supply by more than 2,200 units by 2019. For downtown Boston the condo market is expected to remain strong. Market conditions have clearly favored investors and sellers in recent years, and this can be attributed to the continuous improvement in quality of life. Profiting from flipping of Boston high rise condos in downtown Boston is a realistic proposal. The key is to pay attention to the following recommendations.

1. Work with a Seasoned Real Estate Agent

Condo markets in affluent metropolitan areas such as Boston tend to be complex. Even Boston high rise developers who have completed a few transactions will always prefer to work with Boston condo agents who specialize in high rise condos, lofts, and penthouses. Investors should not hesitate to talk with their agents about their financial goals, resources, and risk tolerance. In fact, this kind of communication is essential in a condo flip transaction. Real estate professionals are very goal-oriented, and they are generally more ambitious than their clients.

2. Check the Appliances

Investors who are looking to flip a Boston condo with high-end appliances should make sure they are in good condition before acquiring the property. State-of-the-art refrigerators, stoves, dishwashers, and wine chillers can be expensive to replace and may eat into potential profits.

3. Read the Market

An investor who looks at a list of all Boston high rise condo with their respective sales and pricing history will realize this is a very dynamic market, which means it should be approached beyond the “buy low, sell high” mantra. Reading the Boston luxury condos market means considering all the aspects conducive to making a profit.

4. Stage with Style

Staging is when retaining the right real estate agent pays off. Some real estate agents recommend lightly furnishing and decorating the unit with designer touches for the purpose of charming move-in ready buyers with deeper pockets. Condo units located within boutique or luxury towers need to be staged the right way so buyers can see themselves living there.

5. Perform Smart Improvements

When it comes to remodeling and improving Boston luxury condo units, kitchens and bathrooms always come first. However, investors should also think about the types of prospective buyers they wish to attract. Modern condo buyers tend to be into design and décor. Even installing a home theater system or smart home automation can go a long way toward attracting the right buyers.