What do you know about flipping a house?

What do you really know about flipping a house?

Are you thinking of selling your house?

Does it need renovations?

Do you know what to do to flip a house?

Well, let me tell you that flipping a house is never a piece of cake. There should be a rules book to guide owners to think like investors whenever they decide to fix and flip.

We aim here to help you to think like an investor and act like one too.

The reason I am comparing owners to investors is that to be called an investor you have to earn it by being an expert in what you are investing in.

Do’s and Don’ts

You can read also

How to use each inch in your small house?

Moving to a Bigger House Without Actually Moving

The Exploitation of Small Spaces

Home renovations that add value Vs the ones that don’t

1- Don’t do all the work yourself:-

Just because you live in the house, does not mean you are an expert when it comes to renovating it and you may end up wasting a lot of your time and money on a renovation that is far beyond properly done.

Handling all the renovations yourself will with no doubt backfire and will decrease your profit when selling it as the next owners will eventually redo all the work again.

The real money in house flipping is when you are an expert when it comes to handling the hammer and repairing roofs, think of the money you will save instead of hiring a contractor.

2- Do hire a contractor:-

For those who are not experts with hammers, for your own sake, hire a professional if you lack the required experience. You can still do your own share of renovations like painting that wall for example, however, leave the big stuff for the big guys.

But know that the cost of finding a professional contractor who can perfectly flip your house will reduce your profit.

3- Don’t ignore your neighborhood:-

When flipping your house, take a look at the surrounding houses next to you. You don’t want your house after renovation to look perfect on the outside while all the other houses look awful.

For example: Do not make space for a pool when all the houses in your street do not have any. It will just look awkward for you and your neighbors.

No one will think of buying your house now with the cost you are asking for when all the houses in the street look ugly. This can make selling much more difficult.

4- Do think of your budget:-

Do you have the budget to do all the renovations you want to do to make the sale?

Calculate all your expenses and if the flipping budget exceeds your limit, then now you need a backup plan and by that I mean consider renting your house for a while and you could either:

A- Collect the rental money and eventually do the renovations when the tenants are out.

B- Ask your tenants to do the renovations on the terms that you will not collect the rental money from them. It is a win-win situation as they get to live rent-free and you get your renovations done.

5- Don’t lose time:-

If you are on a tight schedule, then you need to think of the timeframe it will take you to do the necessary flips. You do not know how many times people get surprised – when flipping their house – by the amount of stuff that needs to be fixed and the stuff that suddenly appears while you are in the process of fixing.

If you don’t know how to manage your time then you are wasting not only time but also money and effort.

Organize yourself and be prepared for surprises.

Advice:-

Flipping a house with little costs and achieving high profits can be done only if you have carefully chosen the house from the beginning and by that, I mean considering your neighborhood, the house space, and condition, the house characteristics (1, 2, or 3 rooms) and which of these characteristics have high demand in the market..etc.