In a recent article, we discussed a few of the common mistakes made by house flippers. Among the mistakes mentioned were taking on projects that were too big, dishonest partnerships, and unrealistic timeframes. Continue reading below to find out more common mistakes made by house flippers that you should definitely try to avoid.
Flipping the home entirely on your own
Unless you are an experienced contractor you should not take on the task of remodeling the home on your own. Doing so may cost you more money than it would than it would if you hired an actual contractor. Here a just a few of the items that commonly need to be fixed during a house flip:
- Kitchen renovation
- Paint jobs
- Lights and fixtures
Sounds like a lot, right? That’s because it is! Avoid the headache and stress of doing it all yourself and hire an experienced contractor.
Working the bad contractors
Relinquishing the responsibility of doing the house renovations by hiring a contractor is one thing. Hiring the right contractor is another. Shop around. Try to find the best price AND the best work. After you’ve found the contractor that you feel comfortable with, make sure to not pay too much up front and regularly check in with them. You need to be aware of the work being done and how before you shell out more money than necessary.
Under or overestimating the value of the home
It is important that you know how much a house will sell for once the renovations are complete. Underpricing or overpricing a home by even as little as $5,000 can have consequences. Consider enlisting the help of a real estate agent to avoid pricing mishaps.
At the end of the day, flipping houses can be really fun and help you make a ton of money. The best way to be successful with this endeavor is to continue to educate yourself. Keep up with the market, research, learn from other investors, and learn from your own experiences.