Costly mistakes first time home-flippers make
When you’re flipping a house, time is money. And you don’t have time to make a lot of rookie mistakes. Here is a list of some of the mistakes you want to avoid when flipping a house for the first time.
Not getting a home inspection
This is the first and one of the most important mistakes a first time home flipper will make. If you don’t plan on tearing down the house and are just making major changes you will definitely need an inspection. Most flips usually involve changes such as tearing down a wall or remodeling the kitchen, so it is important to get the house checked out before you buy.
A lot of first time home flippers try to save as much money as they can, which means they will try to do most of the labour themselves, or cut corners. This is something you definitely do not want to do. If something goes wrong then you have wasted all that time and money, and now you’ll have to shell out even more to pay a professional. So save yourself the pain and speak to or hire a professional.
Quick to Sell
Some first time home flippers will list the property and stick that for sale sign in the ground before the renos are even done. Don’t list the home until you are 100% complete with your renovations. This way you won’t be bugged and pressured to finish specific things on your list that were promised in the sale. It will become a headache when the buyer is constantly nagging you to get it done.
Don’t fall in love
One of the biggest mistakes first time flippers make is once they are finished with the project, they fall in love with it. When designing your flip you don’t want to choose things that just you will like. The flip needs to appeal to the average buyer in the market. If you don’t create something that the majority of buyers are going to want, your flip will never sell and all that time, effort, and most importantly money, will be for nothing. Always remember you can’t get attached to your flip, you’re not flipping it for yourself and won’t be living there.
These are some of the mistakes you want to avoid when flipping youer first home. For more info on this and other questions you may have about Kelowna Real Estate, contact Wanda Gillies today!