Where Not to Cut Costs When Flipping a House
Dipping your toe in the house flipping market is no small feat. Deciding to fix a house and sell it requires you thoroughly survey a property before purchasing, deeming it worthy of your time and energy only if it is genuinely a solid financial venture. The entire point of flipping a house is maximizing your profit in the resulting sale, so your focus is often on securing cost reduction through DIY methods.
However, there are some areas in the process in which you should almost always rely on the expertise of a professional- no matter the cost. Keep reading to learn about a few of these.
1. Ensuring the Property is Ready for Show
When you pour yourself into a project the way renovating a house requires, you tend to develop blind spots in the process. You’ve seen the property transform from what it was into what you knew it could be! Due to this, it is difficult for us to notice the finer touches necessary as the project progresses.
It is highly advised you contract professionals on the project to get the attention to detail it deserves from the second set of experienced eyes. Make sure the company you decide to go with is reliable, like one of these Construction Cleanup Services in Madison, WI.
The cost for cleaning services varies depending on the service you contract and the details of your project. The efficacy of the service in ridding the property of hazardous materials left behind during renovation can directly correlate to future legal liability. Suppose, for instance, that the next tenant is injured by leftover construction materials.
Contracting a professional construction cleanup service for this phase of the project is the best way to guarantee the final product gets the attention to detail it deserves from the second set of experienced eyes.
2. Using a Professional Concrete Company
Did you decide to do a complete teardown and rebuild from the foundation up?
It may be tempting to try to go the DIY route with concrete. There are plenty of instructions on how to do so out there. However, the math rarely works out.
After you account for the cost of materials and special tools, you might find yourself churning through your budget before you even adjust for the inevitable learning curve. Concrete companies have established infrastructure to provide the know-how, reinforcement materials, and reliable service at a much lower cost.
Creating a future home for someone to reside in assumes an enormous responsibility regarding the domicile’s structure. You want to make sure what you’re building will last the tests of time.
3. Using a Licensed Electrician
If you are rewiring or doing electrical work of any kind, it is vital you use a licensed electrician to complete the job. Faulty wiring is one of the most common reasons a home may fail inspection.
The reason faulty wiring is taken so seriously is that it is one of the leading causes of residential fires.
By now, you will have noticed a theme of reduced liability in this list. Using a licensed electrician with a good reputation is one of the best ways to make sure future owners of the home you’ve worked so hard on (and your reputation as a house-flipper) remain safe. Do yourself a favor and get the job right the first time to save costs on corrective work down the road.
Final Thoughts
The old saying, “you have to spend money to make money,” is never more true than it is in the house-flipping industry. Too many renovators make the mistake of spending as little of their funds as possible. These decisions often come back to haunt them when it’s time to put the property on the market.
The key is to spend the right money in the right areas the first time. Remember, there are a few aspects of building something with your own hands that hold value like your faith in its quality.
