– When I enter a flat, it’s like a blank canvas, and I can just start measuring exactly as I want. In two months, Merethe Gimre Eik has transformed a run-down flat in the center of Kristiansand into a modern, move-in-ready home. The apartment in the center of Kristiansand has, among other things, got a completely new kitchen. Photo: Ada Bjøranger / news But Gimre Eik has no plans to live there himself. She got a pleasant surprise when the broker told her what she thought the new price proposal was. The apartment was bought for NOK 1.7 million. Two months and many working hours later, he sold it for well over NOK 2.5 million. – I have never worked so hard in my life, says Gimre Eik. But the hard work paid off well financially. When all costs and expenses linked to the project were covered, she was left with just under NOK 200,000. This is what the living room looked like when Merethe Gimre Eik bought the apartment in the center of Kristiansand. A new kitchen is now in place in the same room. This room was formerly a kitchen. Now it has become an extra bedroom. This is what the bathroom looked like when Merethe Gimre Eik bought the apartment. This is how it looks today. This is how the apartment’s bedroom looked before. This is how it looks today. Great interest Gimre Eik is not the only one who has noticed the possibilities of so-called residential flipping. – People have become even more interested in trying out new projects, both in their own houses and buying to resell, says property broker Jon Røsstad at Sørmegleren in Kristiansand. Property broker Jon Røsstad believes many people tried their hand at renovating their own homes during the pandemic. Photo: Ada Bjøranger / news Daniel Hellenes, day-to-day manager of DNB Eiendom in Kristiansand, also says the interest in starting a housing project is great. – It is always popular, and that is because people see a possible gain, says Hellenes. According to Hellenes, there are mainly three groups of buyers who are looking for homes that are suitable for flipping. – It is a relatively constant factor in the market that people are looking for good renovation objects, says Hellenes. In addition to the property flippers, there are those who are looking for renovation objects as an opportunity to enter the property market for a more reasonable price. The third group is those who buy to rent out. – If you have done it once successfully, the possibility is greater that you will be able to do it again, says Hellenes. When Merethe Gimre Eik started renovating her apartment in Kristiansand, she had already renovated a part of her previous home. – But here there are a number of new things I have had to do. I have used YouTube and I have also spoken to craftsmen. When she had to find out what she could do herself and not in the bathroom, she called the appraiser and asked for advice. – Most things work out, and of course you don’t learn anything. I think so, she says. There is a lot to learn along the way. Then YouTube and Google can be of great help. Photo: Ada Bjøranger / news Getting inspiration from social media – There can be risks, but there can also be big gains, so I understand that people are triggered by that, says bank manager Rune Meås Nilssen, at SR-Bank in Kristiansand. He says that especially young people make contact, with the hope of making good money flipping houses. Many of them have found inspiration and motivation on social media. – They see people who are successful at this and make a lot of money, says Meås Nilssen. In order to start house flipping, there are a number of financial factors that you have to think about. – We must see that they can afford to pay off debt, they must have equity and afford the costs, says Meås Nilssen. In addition, the bank is happy to help them think about tax. – There are many pitfalls in such a project, says Meås Nilssen. Bank manager Rune Meås Nilssen understands that people are inspired by the good stories about housing flipping. Photo: Ada Bjøranger / news Looking for a new project Now that the apartment has been sold, Merethe Gimre Eik is looking for a new project. – Now I’ve had a two-week break, so now I’m ready to start something new, she says. The first thing she does in the morning is open Finn.no. She has some special things she is looking for. Firstly, she tries to avoid detached houses. Then she is not alone if there is something wrong with any of the larger things in the building. She looks at the apartments that are centrally located in the center of Kristiansand. And then she looks carefully at the floor plan, and checks whether it is possible to fit in an extra bedroom. – If you have a dream to do it and have the opportunity to do it, then you should do it, she encourages. Merethe Gimre Eik spends a lot of time at Finn.no, looking for a new project. Photo: Ada Bjøranger / news
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Start with renovation as a pastime – even up with 200,000 in profit – news Sørlandet – Local news, TV and radio
