5 Mistakes That Can Make House Flipping a Flop
There’s a lot that rides on a house flip. From the home inspection to assembling teams, you’re bound to make mistakes and learn from them. Before biting off more than you can chew, learn from a rookie-turned-professional with these five mistakes that can make house flipping a flop.
Not Researching Residential Properties
The real estate market is booming and dying—without knowing the current trends, you could buy into a place you don’t know anything about. When searching your state’s residential real estate, specifically around Atlanta’s metropolitan area, aim for low ROIs. Additionally, research your ideal location by visiting the surrounding area. It’s also good to investigate the length of time it takes to sell a house in that area.
You Aren’t Realistic About Budgeting
Budgeting is the hardest part of investing in a flipping project. It’s great to dream big, but as a newbie, you should stick to homes that won’t cost a fortune to fix. Ideally, you’ll find something that fits your budget, rather than escalating because you have bigger investment dreams.
Also, when bringing on specialist crews, don’t pick the most expensive services. Select ones that fit your budget and timeline.
You Think Too Highly of Your Renovation Skills
When renovating a home, don’t overcompensate your skills. You must be professional and personable to get good reviews. No one enjoys working or buying from someone who is full of themselves.
If there’s something you know you’re not good at, such as electrical work, don’t try to do it yourself. You’ll make more mistakes if you do things outside of your skillset. This is an instance where you should include specialist crews. Not only will you broaden your reach between businesses, but you’ll also increase the likelihood of a successful flip.
The Home Fits You Too Much
A house-flipping mistake is when the designer puts too much of their own taste into the home. It’s great to add style, but lacking vision for prospective buyers is a big setback. They will feel like they’re merely visiting, rather than potentially buying. Stick with themes that are simple and easy to change if necessary.
You Put “I” in “Team”
There’s no “I” in “team,” and you can’t do a house flip without a team of professionals. From an interior designer to professional home renovation contractors in Atlanta, you’ll need a diverse team to get each job done.
It’s fun to flip houses, but it takes time and dedication to see it through. Bear Mountain Custom Painting helps many home renovators by offering services to each house flipper. Now that you know how to avoid mistakes that can make house flipping a flop, contact us to learn more about our home renovation services.