4 Tips for Flipping Homes
Unlike on HGTV, flipping is not all glitz and glam. True, a “lipstick” flip isn’t that hard (new paint, carpet and some landscaping), but delivering a quality project that you’d feel proud to sell to your grandma, now that takes a bit more care. As always, we don’t want to dampen your enthusiasm; we just want you to have realistic picture of this business before you refinance your home or borrow from the kids’ college fund to become the next Chip + Joanna. Here’s 4 key principles you don’t wanna budge on:
- Increase your $$ budget and time budget
Just trust me on this; what’s the worst that could happen? You end up not needing all of your budget and finish early…win-win! But planning out a project with a “perfect scenario” mindset will only destroy your spirit as you collapse in on yourself like a dying star.
2. Be Patient
Starting out can be exciting, and most of us want to jump right in! I can’t stress enough, however, that waiting for the right project can save you years of misery. And once you find that project, learn how to pivot and adapt quickly—more than likely, you’re in for some surprises. Being able to plan for problems before they happen will 100% save you some sleepless nights!
3. Do things right the first time!
It’s tempting to cut that corner into a nice rounded edge, but don’t take the bait! Over the course of your life, if you commit to do things right the first time, you will find success—particularly in terms of a good night’s sleep. Getting multiple bids for a job, not going with the cheapest option and paying professionals rather than attempting to DIY, will save you not only time and money, but more importantly, your good name.
4. Stick to your budget
So, this is the biggest challenge for us personally. Just like everyone else, we love a dramatic before and after, but at what cost! And that’s what you need to keep in check—costs. If that $500 upgrade isn’t going to add an additional $1000 to the sale price, don’t do it. Get the canvas ready for the new buyers, but don’t paint the masterpiece for them…that’s their job. Your job is to find the balance between the two.