It started with “This Old House” in the ‘80s and ‘90s, when Bob Vila, Norm Abram and other hosts first gave us permission to use our imaginations and dream big with our houses. Today, you can’t scroll through your roster of cable channels without running across a slew of shows centered on renovations. And yet, America still can’t get enough. In fact, if you’ve been thinking about undergoing some fix-and-flipping of your own, right now could be the perfect time to take the plunge. Whether improving your own home, or many homes for income purposes, there are a few tips we’ve collected to make your experience more successful.
- The old sayings are true – time is money. Especially if you’re running your business on bank-borrowed money, your goal is to get your flip done as quickly as possible so you can get the home back on the market. With that in mind, primarily for your first few houses, look for homes that need primarily quick fixes. Think: paint, minor plumbing, backsplashes, flooring.
- Know your numbers. Be sure you have a firm grasp on what the project will cost you. Sure, you may have a good idea about how much the actual renovation will cost, but have you also considered needing to pay utility costs, insurance, property taxes, and interest on loans? Need to work out an estimated cost? Find a helpful house-flipping calculator here: https://fitsmallbusiness.com/house-flipping-calculator/
- Get the right vendors on your side. Here in Phoenix, Davis Salvage can be your go-to for home renovation metal needs, your fix and flip metal recycling, and your Arizona dumpster rental needs. We provide prompt and fair metal recycling services and have an outstanding selection of Phoenix metal goods that will be perfect accompaniments to your final, beautiful project. The metal items you bring in to recycle will be responsibly repurposed, and you’ll walk away with some cash to put towards your next renovation.
- Seek the worst. A good rule of thumb is to buy the worst house in the classiest neighborhood you can afford. However, let’s be clear about what constitutes as “worst.” Gross carpet, hideous paint, worn floors in need of refinishing, outdated countertops, stinky smells – you can easily handle that. If the joists, rafters, roof, and ceiling are sound, the ugliest house on the block can be your best bet.
- Get schooled. As romantic as it sounds to walk into a dilapidated home and naturally know just what to do to turn that mess into a masterpiece, it’s not always a reality. Read everything you can from experts in the field, take a home renovation class, talk with contractors, and visit real estate auctions and soak in all the knowledge you can.
- Add in some eye candy. While it makes sense to focus your renovation attention on common focal points such as the floor, ceiling, walls, and bathroom/kitchen fixtures, let yourself have fun with a few non-essential upgrades. Beadboarding, luxurious baseboards, a chic medicine cabinet, or a mountable stove range hood can bring in a healthy return on investment for not a lot of additional cost.
No matter how large or small your renovation projects will be, the above tips can help ensure your success. And with Davis Salvage on your team, your fix-and-flip projects are sure to go even more smoothly.