Flipping a house is generally thought of as a fix-it-fast and sell-it-even-faster process. While you may want to move quickly, this doesn't mean that you should rush your way through it or cut corners.
Avoid the following 5 home repair pitfalls and flip your next house with confidence.
1. Buying cheap materials – It's true, you get what you pay for. At the same time, we understand the temptation to buy cheap materials. After all, you won't be the one living with them. However, buyers recognize quality as well as home improvements that don't live up to their standards. If they wanted a fixer upper, they'd buy one. They don't want to tear out cheap materials in a so-called “turn key” home; they want to move in. Thus, flipping a house with cheap materials can backfire.
2. Inaccurate measurements – We know you're in a hurry, but take a deep breath or two before you measure and then go back and double- and triple-check your measurements. Nothing will slow your project down faster than receiving new countertops, kitchen cabinets, or windows that simply don't fit.
3. Skipping prep work – Few do-it-yourselfers or even professional contractors enjoy doing prep work. It's a pain, and rarely appreciated. However, if you don't do it, it will show. In fact, you may find yourself having to redo the entire job as a result. This adds both time and expense to your project. Do it right the first time by doing your prep work.
4. Avoiding permits – Permits cost money, and they require additional time as you must have your work inspected. Though you may be tempted to just do the work without permits, it's much smarter to play by the rules. Depending on the state's real estate disclosure requirements, you may be required to disclose any unpermitted work. This can cause buyers to balk, question your integrity, or wonder what other corners have been cut to fix up the home. In addition, city inspectors may notice the improvement and require permits after the fact. You may be forced to redo a portion, if not all, of the work in order to pass the inspection.
5. Hiring the wrong contractor – Not all contractors are created equally, and hiring the wrong one is a sure-fire way to delay your project, increase its costs, or disappoint potential buyers. Do your due diligence by getting multiple quotes from pre-screened contractors who match your specific requirements or use an online service. Finding the Right Contractors For Your Real Estate Investment
Avoiding these five pitfalls may add a little extra time and a few extra dollars to your house-flipping project. At the same time, your investments are likely to pay for themselves by impressing potential buyers, avoiding costly problems and time delays, complying with local building codes, and getting the work done to your satisfaction on time and within budget.