Latest episodes of your favorite HGTV & DIY shows leaving you feeling a little too inspired? You’re not alone. But, before you go blazing out the door to buy the first fixer upper you can find, be sure to corral that creative energy and focus on the make-or-break factors you should always consider before beginning a flip:
Find A Home That Needs A Cosmetic Overhaul
Buying the worst house on the best block? Sure, it works (and works well) in the world of flips. But, buyers, beware: often the worst house in a great neighborhood with the best schools can have hidden issues that’ll eat up a reno budget faster than you can imagine. So, when searching for fixer uppers (especially your first time), opt for a home that needs mostly cosmetic, surface-level updates, like seamless new flooring or a stunning new open-concept kitchen – not total roof repairs and full-on foundation fixes.
Cozy Up To A Trusted Contractor
When you’re excited about buying your first fixer upper, it’s easy to get swept away by thoughts of huge closing day profits and ravishing reveals, the likes of which you only see on HGTV. But, when venturing out for one of your first major flips, it’s always best to keep a trusted, licensed contractor close by your side. After all, you might look at a dilapidated kitchen and see $10,000 worth of work where an experienced contractor might see twenty. So, keep your hope level optimistic and your budget projections realistic by relying on the sound advice of an experienced professional.
Stick To Your Budget
When flipping a fixer upper, it’s important to remember that you’re not building your dream home: you’re creating a space that’ll appeal to as many potential buyers as possible. So, consider scratching time-consuming details like your personal dream of an intricate herringbone marble backsplash and instead opt for something clean and classic that’ll highlight the home’s character and style without blowing the budget.
Explore Your Loan Options
Flipping a fixer upper doesn’t have to mean footing the entire bill! Look into your options for home improvement loans, and lean on this proven method to help fund your flip. There are plenty of ways to renovate using borrowed funds, so talk to a trusted lender about your options before signing on the dotted line.