10 Tips on How to Flip a House
Cable television has turned us into domestic experts, right? There are entire networks and a plethora of programs dedicated to cooking and home renovations. Not too long ago the extent of your culinary expertise was that your Kraft Dinner was not too runny that you could eat it with a fork, not slurp it up with a spoon. Now you are whipping up your own bechamel sauce and sourcing out the ﬁnest smoked gruyere and semolina pasta from specialty shops and creating mac ‘n’ cheese 2.0. You know have mastered being a home chef because you routinely brine things and you have at least 6 different kinds of salt at your disposal.
Now you need a new challenge and cable tv has the plan. Why not try house ﬂippinglike on HGTV? You can ﬂip an omelette without it falling apart, can a tired old house come out as ﬂuffy? It looks reasonably easy on the shows, and you’re used to using a pestle when grinding spices which shows your willingness to get your hands dirty and work hard. You can do this. You’re a contractor, Harry. If you have the commitment, we have the experience so we can help all along the way.
Here are 10 important tips to consider:
1. Find the right house to ﬂip. Do you want a full out gut reno or do you want to focus on mostly the cosmetic? Whether you are house hunting for a project or you inherited your grandmother’s angel brick bungalow, we can advise you with your ﬁrst step.
2. What are your skills and how much labour will you put in yourself? Or will you hire tradespeople? These means getting estimates and planning a realistic budget.
3. Get a thorough home inspection. A good inspector will be able to advise you on the condition of the house and what repairs are a priority.
4. How much can you make, which means how much can you sell it for? As realtors, we can give you the best estimation for what a home is worth in the market.
5. Use your money wisely. Kitchens and bathrooms give you most bang for your buck. New appliances, great ﬁnishes, and modern design are worth spending money on.Also if your budget allows, think of extras like adding a main ﬂoor powder room,ﬁnishing the basement, and lots of closet spaces.
6. Timing your selling date is very important. A general rule of thumb, is a spring market starting as early as January, is best for selling, which means having any exterior work done before the cold weather hits so you can sell in a timely manner and get the highest price point.
7. The great architect Mies van der Rohe said; “God is in the details” which is very poetic but we can also add to that and tell you that the nosy neighbours are also lurking in the details and they are taking notes. They are watching like hawks and know when you neglected to obtain a city permit so make sure all your renos are on the up and up which means getting things done properly.
8. Hire the right professionals depending on your renovations. Be aware that the more dramatic your renos and the more walls that get torn down, may mean the unanticipated problems that arise, just like in “Love It or List It,” something you should have a contingency plan for.
9. Remember the buyers are watching the same shows that you are. Buyers are savvy these days and they know when you just slapped on some “lipstick on a pig” and forgot to put on the foundation and lip liner. Make sure you have put in quality work.
10. Keep in contact with you realtors during the entire process. We can advise every step of the way, help if problems arise, and make sure you are on right path to aﬂipping success!