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If you are looking for a way to make money you should consider flipping houses in the GTA. The government has put limits on foreigners buying residential properties in Ontario so as a local you can get some really good deals.

House Flipping 101

The first step is finding a residential property that requires a significant amount of renovation to modernize the appearance of the home. Since the home requires renovations you should be able to buy the property below the current fair market value (FMH). By investing in some high quality renovations you will be able to increase the perceived value of the property which should help you get the maximum asking price. The difference between the price you paid for the property and what you sell it for is either your profit or loss.

Simple Renovations that Maximize Your Asking Price

There are some simple renovations that can help you maximize the asking price of your property. One of the best renovation projects is revamping your kitchen. The kitchen is the area of the home that gets the greatest amount of traffic so this is the first area of the home that you need to focus on. If you are going to put in new appliances you might consider going to your local appliance retailer and see whether they have any line of appliances that is being discontinued. Discontinued appliances tend to be sold with massive discounts so you should consider using those whenever possible. Another option is to use laminate flooring in the kitchen instead of hardwood. This creates the feel of a hardwood floor which increases the perceived value but without the added cost.

These simple renovations can help increase the value of the property which should help you get the maximum asking price for the property. Once you start flipping houses you will see how profitable it can be by leveraging these cost cutting measures.

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