Interactive Property Flipping Checklist

A comprehensive checklist to guide you through the entire property flipping process in Ermington, NSW.

How to Use This Checklist

This interactive checklist is designed to guide you through the entire property flipping process in Ermington, from initial research to final sale. Use it to track your progress and ensure you don't miss any critical steps.

Features:

  • Check off items as you complete them
  • Track your overall progress
  • Save your progress automatically
  • Print the checklist for offline use
  • Reset the checklist when starting a new project

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Ermington Property Flipping Checklist

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1. Market Research

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Review median prices, growth rates, and sales volumes from reliable sources.
Understand population trends, age distribution, and household composition.
Focus on 3-4 bedroom houses with renovation potential.
Analyze at least 10 recent sales of similar properties to understand pricing.
Get quotes from local contractors for typical renovation work.
Check Parramatta City Council requirements for renovations and development.
Research agents with strong sales records in Ermington.
Document specific criteria for property selection based on research.

2. Property Acquisition

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Create alerts on realestate.com.au and Domain for properties matching criteria.
Build relationships with at least 3 local agents.
Obtain pre-approval for property purchase to enable quick action.
Inspect at least 5 properties that meet basic criteria.
Evaluate renovation potential and rough cost estimates for shortlisted properties.
Hire professional inspectors before making an offer.
Determine potential sale price after renovations based on comparable sales.
Calculate all costs, potential profit, and ROI before making an offer.
Submit offer with appropriate conditions and negotiate terms.
Conduct title search, review contract, and check for easements or restrictions.
Complete loan application and secure funds for purchase.
Finalize purchase and obtain keys to the property.

3. Renovation Planning

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Document all renovation tasks with specifications.
Create itemized budget for all renovation costs with 10% contingency.
Develop detailed schedule with milestones and completion date.
Check if Development Application or Complying Development Certificate is required.
Prepare and submit required documentation for approvals.
Get at least 3 quotes for major trades and select contractors.
Create written contracts with clear scope, timeline, and payment terms.
Source and order key materials with sufficient lead time.
Implement system to track progress, costs, and communications.

4. Renovation Execution

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Take detailed photos and notes of pre-renovation condition.
Remove unwanted fixtures, walls, and materials.
Complete any structural changes requiring engineering approval.
Install or modify plumbing systems before walls are closed.
Install or modify electrical systems before walls are closed.
Complete wall and ceiling surfaces.
Complete all floor surfaces throughout the property.
Install cabinetry, countertops, appliances, and fixtures.
Install fixtures, tile, vanities, and accessories.
Paint all interior walls, ceilings, trim, and doors.
Address façade, landscaping, and outdoor living areas.
Install light fixtures, door hardware, and accessories.
Perform detailed inspection of all renovation work.
Complete any necessary corrections or improvements.
Complete professional cleaning of entire property.

5. Marketing and Sale

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Interview and select top-performing agent for Ermington.
Research comparable sales and set strategic price point.
Schedule professional photos, including aerial shots if appropriate.
Engage professional stager to showcase the property's potential.
Develop engaging description highlighting key features and improvements.
Launch online listings, signage, and other marketing materials.
Plan open house schedule and prepare property for showings.
Gather buyer feedback and adjust strategy if needed.
Review and respond to purchase offers.
Finalize sale contract with buyer.
Work with solicitor to complete property transfer.

6. Project Analysis

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Determine actual profit and return on investment.
Analyze variances between budget and actual expenses.
Analyze variances between planned and actual schedule.
Rate and document performance of all contractors.
Record insights and improvements for future projects.
Refine approach for future property flipping projects.

Ready to Start Your Next Project?

Review our market research and business strategy to ensure your property flipping success in Ermington.

Market Research Business Strategy