Recently clients of ours went searching for their forever home. We saw many potentials over the course of their search and they were really torn between buying a home that was move-in-ready or buying one that needed their TLC.
Ultimately, they chose a home in an area they loved, with great bones, much more elbow room, but that did in fact need their tender loving care. They were kind enough to allow us to take some before and afters (and a few in-betweens) so our readers could see the transformation! (Please excuse the poor quality of my camera phone!)
A few tips for those thinking about doing something similar
Consider Hiring a Designer
While it might seem like an unnecessary cost to some, there are many advantages in hiring a designer for your flip.
For one thing, a designer is going to handle all of the logistics. They have lists of reliable contractors of all types that they will pull together which will set your mind at ease about finding quality and honest workman not to mention the hassle of scheduling.
The truth is that a designer is going to help you see things you couldn’t see yourself, to help give you vision. I would bring the designer in before you even write an offer!
Count the Cost!
You need to know the bottom line. That’s another plug for hiring a designer because they are going to be able to nail down bids from all the different types of contractors left or right in a timely fashion.
Don’t forget to have a good contingency fund between 5-10 grand depending on what the home is worth and what you want to do. I’ve never heard of a flip that didn’t come with a few surprises. If your smart with these steps, you can not only be living in your dream home, but build some instant equity as well!
Count the Emotional Cost too!
The popular flipping shows out there squeeze months of stress into 22 minutes of tv time. While it can be rewarding, fun, and even lucrative, flipping your next purchase adds stress and anxiety to a process that is already stressful as is. Don’t do it unless you understand the toll!