Is knowing what to do enough when you fix and flip properties? Successful house rehabbers say “No.” you must also know what you must avoid. While there are mistakes that can make you miss your deadline by a day or cost you an additional $50 dollars, there also errors that can prematurely end your rehabbing career. Here are some mistakes you must ultimately avoid if you want successfully flip and fix properties.
- Overspending. It doesn’t matter if you have the money or not; overspending is a huge no-no in this business. You must negotiate for a lower price whenever possible. If a home owner accepted your first offer that means you paid too much. Saving money should be your second nature. Your philosophy of spending less, however, should not force you to violate ethics of house developers. It is your responsibility to make a home stable and secure for its new owners. So if you have plans of using sub-standard construction materials or covering up repairs that actually need to be addressed, you are not meant to fix flip properties. Here’s a tip: When you gut the property, save the old appliances. You can sell these to local electronics and surplus shops or to neighbors. Use the proceeds to increase you budget for repairs.
- Keeping your creativity in the closet. If there’s a place for your imagination and creativity apart from art, that’s in rehabbing houses. Creativity is not being able to make something grand out of nothing; it’s making the most out of something. Make sure all your repairs will increase the value of the property. For example, you have some excess plywood and lumber from rehabbing the ceiling. Instead of wasting and throwing away these, you can use them to make a small table, shelf, and stool. Poof! You now have a small reading corner.
- Ignoring the lawn. If you want curb appeal, you want the front yard to be beaming with green lawn, trimmed and well-watered. Make the small yard worthy of being a location for a romantic scene. Add some flowery plants in pots here are there to give it color. Untrimmed and unmaintained lawn means that property has been neglected. You wouldn’t want your prospective buyers to see the house you worked hard to flip and fix that way. Here’s another tip: dispose of that old mailbox. Build a new one, paint it well. That will be your welcome note for buyers.
Want more tips to better flip and fix properties? Simply go to rehab-real-estate.com today.