HGTV is a fun channel to watch and can give you an idea of the basics of house flipping. However, you should do your research and speak with people in your local industry who can give sound advice. Here are 5 things that you should know before you start flipping homes.
Everything Doesn’t Always Have a Happy Ending
Remember, you’re putting a lot of resources into the house. Chances are you may just break even with some houses.
All Expenses Aren’t Shown in House Flipping Shows
A lot of times they leave things out like taxes, maintenance fees, closing costs, and other things you have to consider before you even get a chance to sell your house.
Lots of Challenges With Older Homes
Renovating an old home can be quite a task. For one, there may be a lot of outdated things that need to be up to code. You have to worry about the structure. Also, is there mold or asbestos throughout the house. These are things that cost and take time before you get into the full renovation process.
Be Realistic In the Time Frame
TV obviously skims through the process. However, there are a lot of tidbits to deal with when you’re flipping a home. It can sometimes take up to a year or two before you can even get the house ready for sale.
Get Your Hands Dirty
House flipping isn’t a glamorous process. You’ll have to deal with mud, dirt, painting, and other things that really make you feel humble.