Are you thinking about house flipping? Many people are getting into the real estate business by purchasing old houses, giving them a quick cleanup, and reselling them or renting them for a profit. It’s a great way to make money…if you know what you’re doing, that is. A lot of first time house flippers make the same mistakes. And messing up your first house can mean the end of your house flipping career. So, here are some first time house flipper mistakes and how to avoid them.
Going All Out on Fancy Finishes
When you buy your first house, it’s tempting to want to spruce it up with all the fanciest finishes so that it will be attractive to potential buyers. However, it’s important to keep your budget in mind. Spending too much on fancy finishes can mean that you won’t have a lot of money left over to spend on other crucial fixes, such as plumbing or landscaping.
The solution: Fisher Lumber offers several building materials that look great and don’t cost an arm and a leg. Talk to one of our expert salespeople about our most money-saving fixtures, cabinetry, and more.
Neglecting Easy Fixes
This one goes hand in hand with spending too much on fancy finishes. Adding mouldings and fancy lighting may be fun, but make sure that your budget covers the essentials first.
The solution: Make a list that prioritizes the things that need fixed first. These should be essentials like locks, plumbing, windows, etc.
Exchanging Quality for Time
When you get into house flipping, one of the most important practices is to flip the house quickly. The more time it takes to fix up the house, the more mortgage payments you have to make and the smaller your profit will be. However, it’s important to not skimp on quality just for the sake of getting the house on the market.
The solution: What will inspectors be looking for when they come to see the house? These are the things that you should focus on getting done, even if it takes a little extra time.
Get In Touch With Fisher Lumber Today
Fisher Lumber and Hardware has served homeowners and contractors in the Maryland, Washington, D.C., and Northern Virginia areas since 1894. We have excellent lumber, all of the building materials you need, top-notch tools, and the expertise to help you pick the right supplies for your project. Give us a call at 301-424-6500 or visit us online for more information. To see more tips for your DIY project, visit us on Facebook, Pinterest, Google+, Houzz, and Twitter!