In the last few years, house flipping has become extremely popular. Whether an investor is buying a home in South Florida, carrying out renovations, flipping it, then buying a home that’s in foreclosure in Fort Lauderdale, performing renovations, then purchasing a home in North Carolina, and doing it all over again, house flipping is popular. Plus, it can be very profitable, if you follow the do’s and don’ts below to the letter, and avoid mistakes that many house flippers before you have made in spades.
While your real estate agent can tell you a lot about the do’s and don’ts of house flipping, keep reading this article to learn the ins-and-outs of flipping houses as well.
Don’t go into house flipping blind.
Real estate is a tricky business, to begin with, and house flipping is no different. While you may be eager to purchase the home and start renovations, you need to learn about house flipping first. Once you’ve purchased your property, every day you wait is a day closer to not being able to flip the property when you’re done. Learn everything you can about house flipping before you buy your first house, not along the way.
Do stick to your budget.
Real estate is expensive, and so are renovations, so you need to create a budget before you purchase your first piece of real estate and stick to that budget no matter what. For example, if you intend to stay in the home while you’re doing renovations, and many house flippers do, make sure to hire a moving company like Solomon & Sons Relocation services— these movers aren’t very expensive and are very reliable, whether it’s a local move or a long-distance move.
Solomon & Sons Relocation can help you with your move and even have full-service options available so that you can concentrate on your renovations while they take care of moving your belongings for you.
Don’t be cheap.
Although you don’t want to overspend on the home or the renovations, you still need to put quality products into the home if you hope to make money on your return. For example, if you cut corners and buy the cheapest, lowest quality flooring out there, it’s going to come back to haunt you in the end. While you want the best possible price possible, you don’t want to sacrifice quality for low prices.
Do hire help.
While you may think it’s a good idea to do all of the renovations yourself, there’s no way that you know how to do everything. Instead, you need to hire general contractors, plumbers, electricians, and the like to ensure that the renovations are done right and safely. You also don’t want to hire the first contractor you see. Do your research, get references, and then do interviews before deciding who to hire to help you with the renovations. A bad general contractor or specialist can make or break a house flipping project. Don’t let that happen to you. Take your time and find the right kind of help.
Do stage your newly renovated flip house.
After all your hard work, you want to flip the house as soon as possible and move onto the next house flip on your list. However, if you want to run a successful flipping business, then you need to stage your newly renovated house to sell. You don’t have to spend a ton, and you can even hire a stager to do it for you, but staged houses have proven more likely to sell faster than empty ones do.
These are just a few of the dos and don’ts of flipping houses you should know about. It’s a great career to get into, just know what you’re getting into before you do.