Four Things to Consider Before Flipping a Home
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House flipping is a very lucrative and very exciting business. To be able to take a beautiful home that has fallen into decay and give it new life allows a worthy family to find the home of their dreams. House flipping, however, does not come without its headaches. There is a long list of things to get done, and there is a long list of people on your team to look after. Here are four things to keep in mind to make your house flipping headache less severe.
How’s the Foundation?
Once the foundation goes, the whole thing goes. It’s better to know what you’re getting yourself into foundation-wise right away. Check to make sure the house doesn’t need restumping. House restumping can alter the flooring and change the structure of the house. If any foundation work needs to be done like cracks or crumbling soil or weak spots, get that done first before you do anything else. If anything gets knocked around in the process, you are only going to repair everything anyway.
Assemble a Great Team
You’re an investor not a contractor when it comes to house flipping. You’re here to make the money and come in on or under budget. With that said, you’re going to need to assemble a great team that you can trust. Research all the best contractors in your area and then see what other people are saying about them either through review sites or through word-of-mouth in town. Your real estate agent will know exactly who you can trust. Get price estimates and choose the contractor that is the most reasonable within your budget. Once you have peace-of-mind that your team will get the job done, you can work on selling the house.
Know How You Want the House To Look
Before you get the keys, know exactly what needs to be done in the house and how you want to get it finished. That way, once you get the greenlight to start your renovations you can give your assembled team your exact vision so they can quickly get to work on fixing up the house. Knowing what you want also will help you stay within budget because you will know what supplies you need and how much they will cost.
Set Up Automatic Payments
You’re going to need to set up the utilities right away so that your team can use the electricity, water, and gas to use their equipment and get to work. By setting up automatic payments on those accounts, you will have less bills to worry about. You’re going to be so busy keeping up after the progress of the renovation as well as researching the market and finding potential buyers that some things will slip through your fingers, but don’t let the light bill be one of them. You will have more time to work on your role of managing in order to get the house sold instead of tiny details that can take care of themselves.
