From the moment you bought your place all the way through to selling it, the process of house flipping is one of those things that needs to be done as quickly and painlessly as possible. Unfortunately, it’s not usually that simple!
If you’re thinking about flipping your first house, but don’t know where to start, here are a few things to consider:
1. How Much Can You Realistically Do Yourself?
Before you start hammering nails into walls and ripping out piping, you’ve got to be true to yourself. How much are you able to do without help? Because we are always looking to save money, especially when house flipping can be such an expensive pursuit, we’ve got to draw the line somewhere.
There are things we can do to make sure that we know the basics, such as numerous YouTube video tutorials, but we also need to know that when there’s a problem that we encounter during the renovation whether we should tackle it or not? When it comes to an issue like plumbing, how do you know if you’re really in an emergency plumbing situation? Sometimes the signs are very obvious, but other times the problem isn’t so apparent.
One little leak may not be seen until it’s too late. It’s important for you to decide what you can do but also when it’s time to get the professionals in. After all, you make one mistake and it’s going to cost you more than you originally envisioned.
2. Forget About The Little Details.
House flipping is a quick process. There is no need to focus on cosmetic detail. These include things like appliances, the flooring, as well as the colors of the wall. It’s better for you to focus on the structural aspects. After all, the cosmetic issues can be fixed further down the line if necessary. Someone that buys a property wants to put their own stamp on it, and so, when you buying it just to sell it, what is the point in you putting your personality into the space? Focus on the bare essentials.
3. Do You Need To Change Everything?
In a word, no. There is no need for a complete overhaul when there are certain aspects of the home that already has a unique charm. Sometimes, all you require is a coat of paint. Something like the kitchen cabinets for example, if they are sturdy enough but they require a little change, a new set of handles or an extra lick of paint might be enough.
Ultimately, when you are cutting back on your expenses, this is always beneficial, but make sure that you’re doing the house justice.
House flipping is a fine art, and when you are under a timescale, the pressure is on. And so, this means you’ve got to have an appropriate plan in place. House flipping is something that many people do well, and if this is your first, good luck!
Photo by Ian Dooley