Although I am speaking about these mistakes when it comes to house flipping these tips can apply to renovations of any kind. Whether it is an investment property, a house you are flipping or a home you are going to live in these can save you time and money…and everyone would love to have more of those, right????
1. Thinking that DIY will save you money
I am asked all the time about which projects people should take on during their own flip (or renovation). My answer is “unless you are a professional…none.” Your time is much better spent project managing the renovation, rather than delaying others or botching up a project and then having to pay to get the problem fixed. An amateur job will only devalue your property. If you feel an absolute calling to do something take straightforward things like painting and basic items that will not hold up the rest of the project.
2. Not knowing how to schedule the work
When you are taking on a renovation project you will want to know the order of all the tasks that need to be completed. Think about rough in, tiling, plumbing, etc. You will want to track when all the various trades need to be booked so if there are materials you are providing you are not causing delays. Part of a successful flip is managing the project and minimizing downtime. Without planning you could be paying people to wait for items or worse yet, they leave your job to go work on another jobsite.
3. Not setting a budget and following it
Not drawing up a detailed budget leaves you vulnerable to overspending or worse, running out of money. Your budget needs to determine the work that will be done – not the other way around. Another tip around budget is that if you are flipping to resell the house make sure you know what comparable homes are selling for and what improvements they have as well. If you are going to be selling the home you want to make sure you property is comparable to those that have sold. Make sure you are checking in on your budget throughout the project. Do not only look at it when you start and when you finish. You may be surprised at all the little things you overspent on that now total a lot more than you thought they would.
There is no shortage of ways to streamline the flipping or renovation process. The best plans are the ones that you follow. Setting up your tracking before you even get started is free and an ideal way to make sure that as soon as you find that flip you are ready to hit the ground running.
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Amber
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