I am going to talk about one of the many myths around house flipping. The idea that a great way to save money is to do the work yourself. Blame it on HGTV and DIY shows. It looks so easy to grab a sledge hammer and start tackling that kitchen wall that is going to open up the entire space. What you are not seeing is the behind the scenes planning that got them to this point.
As someone who got started flipping houses in 2008 with zero real estate or construction experience, there is no way I was equipped to DIY a house flip. For most people, they are in a similar spot. Now, just because you don’t have any experience doesn’t mean you’re not interested in learning. But learning can be done over time and isn’t a requirement for you to successfully flip a house.
When you are taking on a house flip it is your number one focus to get the work done quickly and make sure that the project is profitable. Those are both nearly impossible to do if you are doing the work yourself.
The idea behind running a professional house flip is that you are looking at it as a business rather than a hobby. And when you see it from this perspective you make different decisions.
Here are some additional reasons you should consider hiring before you DIY a house flip:
1. Accurate Numbers
Part of learning how to successfully flip houses is knowing how to analyze the numbers including the repairs. If you are not hiring out the work then you will not be able to accurately analyze projects.
2. Permits,Inspections and Building Code
There are building codes and permits and inspections that need to be part of the renovation process. When you hire someone who is skilled in these areas they will be able to add value with their knowledge of the process. Want to open up the wall? They will be able to tell you if it’s load bearing. Want to add another bathroom? They can tell you how much space you will need.
Another reason to hire a professional? It takes less time and money to do things correctly the first time. There is a ton of value when you have someone who can do the work and pass their inspections to keep the project moving.
3. Stay on Schedule
Another benefit to having someone on site is that they are able to keep the project moving along and provide you with updates, not to replace your own check in visits. This is especially important if your house flip is something new you are doing and is not a full-time project for you. I have seen many projects where people had the best of intentions but never made it to the finish line. House flips have a tendency to never be completed without someone being responsible for it. House flips only get attention on nights, weekends and holidays will inevitably fail or result in a much lower return.
4. The Finished Product
When you are tackling a DIY task, chances are you may have done it a time or two before, but maybe not. Buyers expectations are high. They are looking at the details and often, a DIY task may not look the same way as a professional job. Short term, paying for a professional to do that paint or tile may seem excessive but I assure you, the time it would take you to do a job that wouldn’t be as polished is not worth it. Then factor in how it could actually keep you from selling the house, affect your sales price neagtively, and cost you additional money to have it redone by a pro, it’s something that is much easier to handle the right way up front.
Part of achieving success when house flipping is having a knowledgeable contractor. Not only can they help you learn about the renovation process but they can be a valuable resource on future projects as well. Building this type of team is enormously helpful with getting not only the first flip project done but all the ones in the future as well.
Want to buy a property and renovate it?
I have a freebie checklist that will help you — 8 Things I look for When Purchasing a Home. Just click here to download it.
Love before and afters?
Looking to buy a house to renovate? Check out the fixer upper checklist to help you find the perfect house.
For more inspiration for home renovations, follow me on Pinterest @thresholdhomesmn