When it comes to house flipping, there are most likely a million things going on in your mind all at once. What paint will look best in the bathroom? What time is the team coming to work? When do the kitchen countertops need to be installed? With so many things to think about, it can be so easy to overlook some of the most important items. Christina and I have created a list of five things that are often forgotten, but will help make the rehabbing process run more smoothly.
Secure Your Property
An empty property is a prime target for criminals. If a home has been unoccupied for quite some time, vandals will easily take the opportunity to cause trouble. Instead of coming back to your flip the next morning with the windows broken and the appliances stolen, take the time to secure everything. Cover the windows, barricade windows and doors that don’t have locks, change out any locks and keep the lights on. Taking these few precautionary steps will make all the difference when it comes to protecting your flip.
Map Out a Plan
Before starting rehab work on a new flip, take some time to create a plan. Work with your contractor and discuss what and when the work needs to be done and how much everything will cost. Your rehab will go much smoother and will be more successful if you have a schedule and budget laid out for everything.
Work on Essentials First
If you are new to rehabbing, it is all too easy to fall into the trap of working on the easier things such as painting and replacing fixtures, first. I recommend getting the more complicated and expensive things crossed off the list, electrical, plumbing, roofing, etc., before you start anything else. If your budget goes towards anything, it should be these major areas that will make or break the deal with potential buyers.
Place a For Sale Sign in the Yard When You Are Almost Done
Don’t jump the gun and put a for sale sign in front of your flip several months before the renovations are supposed to be complete. Doing so will turn away potential buyers who believe that the mess in front of them is what you are trying to sell. I recommend waiting until the interior is almost done, the exterior is renovated and the yard is landscaped before listing the house or placing a For Sale sign out front.
Focus on the Finishing Touches
After taking care of all of the necessary renovations and expenses, use the remainder of your budget to focus on the finishing touches. The finishing touches of your flip are what will help seal the deal. Finishing touches don’t need to be expensive and can be as simple as upgrading lighting fixtures and replacing the mailbox. Take one last walk around the property and make note of anything that could be upgraded or replaced. Paying special attention to these things can make all the difference to your buyers.
Remember these 5 things when you are rehabbing your flip and the rest of the process will be effortless!