The number of people who are looking to either buy a home and improve it through renovation is at an all time high right now. Whether it be the opportunity to add value and sell or just to make the most of the space they have, there has been a ton of interest in renovating.
Think of it this way. For many people who eventually want to transition into full-time house flipping, the live in house flip may be your first attempt to see how this entire process really works.
I say that because when I think about how I got started renovating it was actually before I even bought my first flip. It was really messing around with projects in my own home. The first house we ever bought was an absolute wreck. It was so bad that the furnace was older than we were and as we were moving in I found boxes of poison and dead mice. Ugh. So not only did we get a crash course in maintenance, we got to learn how to make small upgrades that fit within our budget. Which meant, mostly painting. But if you really think about it there is nowhere you can go to learn how to renovate. There’s no college courses or degree that can match the true experience of walking through a house and assessing the improvements that need to be done coupled with the things that have to be done to sell for profit.
Here’s why renovating can benefit everyone:
Renovation and maintenance are distant cousins
If you have a house that you are responsible for the things you learn by knowing renovation help when you have to address those boring but necessary home tasks. An example would be the time we got a call in the early morning about one of our rental properties where the hot water heater had gone out. We had a property management company who contacted me and asked if I wanted them to send out their plumber to replace it. When I asked them how much it would be they said 1700. I literally laughed out loud. Because of the renovation experience I had I knew that the water heater itself cost 400.
You realize if you really have a talent for renovation tasks
I’m going to use my husband as an example for this point. He grew up wanting to be a woodworker. His career after the military was working for a custom cabinet shop. His dream was to open his own shop someday. Until he realized how hard it really was, so he also had no construction experience either.
It gives you the opportunity to find out if there is something you enjoy about the process.
It can help you to discover if you have an interest in the design process with an eye for choosing materials and picking. Maybe you’re someone who’s believed you were more analytical and numbers oriented in your life and then one day you realize you love looking at inspirational photos of spaces and trying to replicate the feel of those spaces with different materials.
There’s a confidence that comes with taking a project from before to after.
To plan and execute a successful renovation is no small task. Even if the renovating your are doing is a simple cosmetic renovation you are likely making decisions regarding the purchase, looking at numbers, assessing the resale values of other improved properties, looking at other houses and checking the improvements that were made to them. Then its the planning of the renovations, what should you do and what can you pass on? Where are you spending the budget? What is the timeline who will you hire to do the work? Do you know how to manage it? How do you structure the payments so the contractors don’t run off with the money before they complete the work? How will I choose the right paint colors and tile and vanities? What if no one likes what I chose?
These are questions that happen to the majority of people but they are also questions that every time you complete a renovation, they become a little less loud. Because every time you navigate a situation and make it through to the other side, you appreciate the lesson and the wisdom and you know you wouldn’t have had that gift if the challenge hadn’t been there.
Developing the skill of renovating and project management is a proven way to build value and equity in any property. By allowing yourself to learn and implement, you’re able to position yourself for opportunity in any property.
Ready to take that next step when it comes to flipping?
That’s why I’ve got additional resources to help you get the information you need to move forward on creating your flipping life.
Make sure you have the Fixer Upper Checklist so you know which areas are key to added value in a home.
There are several videos available on finding houses, renovations, and funding on the Threshold Homes YouTube Channel. Check out your favorite flipping topics and new videos weekly.
You can’t close a successful and profitable flip unless you start. What is your biggest challenge is with getting started house flipping? I’m here to help.
Amber
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?
Follow us on IG @thresholdhomesmn and FB @thresholdhomesmn to see the projects we’re working on. And for more ideas on renovating & restoring fixer-uppers!
Looking to buy a house to renovate? Check out the fixer upper checklist to help you find the house with the most “flip” potential.
For more inspiration follow me on Pinterest @thresholdhomesmn
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