Fixer upper homes are top choices when it comes to house flipping. Investors love them for their bargain prices which are ideal for making off a large profit at the end of the resale. However, house flipping does not only require that you buy fixer-uppers at low prices but also involves a lot of other considerations that could either make or break your house flipping investment.
Assess Beyond The Facade
Inspecting fixer upper homes does not only involve looking at the rooms, floors, ceilings, doors, roof and other areas of the house that could readily be seen. There are actually many other areas and corners of the house that you need to check when doing a home inspection. These include the plumbing aspect of the entire house, electrical outlets, heating system, security, pest infestation, molds and similar others that could affect your budget for renovation.
Communicate Clearly With Your Contractor
Unless you are a handyman yourself and could easily assemble your own team and supervise the entire repairs yourself, you should talk with a contractor who can carry out the specifications that you have outlined for the repairs and renovations. When dealing with contractors for fixer upper homes, it is highly important that you communicate clearly your objectives, budget, time frame as well as any other essential things concerning the whole project. This is to ensure that your project stays within your target objectives and that the contractor accurately and adequately responds to what you have specified. Make sure too that you develop a good working relationship with your contractor so that he can also be more comfortable in giving you advice and more practical solutions and alternatives that you can use for the project.
Decide The Extent Of Your Renovation
It is possible for some fixer upper homes to be needing some larger extent of repairs than others and this could mean more cost and expenses to the house flipper. When house flipping and doing renovations, you actually have a choice between doing a full renovation or a partial one where you can just pick out and choose which areas to repair and fix. Either way, you have to weigh in the advantages and disadvantages of both.