BUSINESS
08/22/2016 01:04 EDT | Updated 08/30/2016 01:00 EDT

House Flip Like A Pro By Selling A Lifestyle And Not Just A Home

"You have to be prepared to risk in order to have great reward."

House flipping is one part art, one part business and a risky one if you're not sure what you're doing.

Pouring money into buying a home for cheap, pumping it full of renovations and then selling it to make a profit sounds good on paper but it's a practice that can leave you in the hole financially.

Pricey renovations will add value to a home but that's only part of the magic formula to a profitable house flip, according to some of Toronto's professional flippers.

“We sell a house, sure, that’s the product, but we sell a lifestyle,” say Chris and Tim. The two were tasked with selling a recently renovated home in Toronto's trendy Riverdale neighbourhood.

"The key to success is ensuring the space appeals to buyers attracted to the neighbourhood."

Fixing up a home doesn't translate to a guaranteed sale if you don't understand who you're selling to.

"The key to success is ensuring the space appeals to buyers attracted to the neighbourhood," say the duo.

For Tim and Chris, that required some research into what kind of lifestyles Riverdale could offer potential buyers. But will that be enough to compensate for the home's big red flag that could stop them from sealing the deal?

To find out, give the video below a watch.