When you decide to fix and flip a property, whether it’s for renting or selling purposes, the key is all about rehabbing. You want your property in tip-top shape by either breaking even on costs and having no sloppy craftsmanship left behind.
Time and time again, real estate investments lose a significant chunk of their return because people make renovation mistakes that could be avoided with some careful planning. One major renovation mistake that new investors may fall into is choosing upgrades that simply do not deliver a high enough return on investment (ROI) to be worth the cost.
Make your flip appear as though it were a luxury upgrade. Instead of focusing on the basics, focus on what people want to see and how they can make decisions based off that information alone.
Plan For Delays in Your Budget
When you plan to renovate a property, there are many things that can go wrong. Projects with the best plans still have risks and uncertainties in them. Leaving room for chaos is useful for problem-solving and dealing with situations as they arise.
Since you never know what life will throw at you, it is important to plan ahead and leave some money in your budget for things that may come up. It’s also a good idea to build wiggle room into your schedule so that unexpected emergencies don’t stress out the day of an event or meeting.
Don’t Skimp Out on Prep Work
If you plan ahead, everything will be a lot easier in the long run. If done right away, planning can save time and hassle later on down the line. Before even thinking about starting your renovation, you need to have a team of reliable contractors lined up and acquired all necessary permits. You should also make sure that the materials needed for completion are affordable and accessible too!
This may seem like a simple renovation mistake to overcome, but with so many moving parts and deadlines it’s easy for people to get ahead of themselves. The advantages of spending a little extra time interviewing contractors, researching the neighborhood and hunting down supplies could really save you from disaster in the long-term.
Cheap Materials Make Everything More Difficult
To increase your return on investment, it’s important to conduct the rehab within budget. However, this doesn’t mean you should be cheap and buy low-quality materials for your project. Remember, you get what you pay for. Those materials are cheaply priced because they’re low quality and not worth your money.
Unfortunately, the lowest bid may not always be your best bet. We know it’s tempting to jump on the deal of a lifetime but you might end up with lower quality work than what you desire. Instead of choosing your contractors based on their bids, let reviews and recommendations inform your decision.
If you’re looking to save money and time, choose your materials wisely. Otherwise, expect a lot of wasted energy and headaches when it comes time for renovations! If you want to save time and money, invest in doing it right the first time around. It’s easy to get over budget fixing mistakes and replacing poor quality supplies when working on a project.
Make Consistent and Accurate Measurements
If you’re one of those people who likes to do things yourself, then this piece is for you. Carelessness can go a long way in making sure that your project turns out the wrong way. Measure twice, cut once. Use symmetry and accurate dimensions to build the structure you want for your house of cards because it will affect its structural integrity as well as how good it looks when complete! If something sounds too complicated or confusing to understand follow directions carefully so that you get what you need.
Along these lines, if you’re new to DIYing projects, don’t bite off more than you can chew. Start with small non-essential projects while learning the ropes. With a startling 63% of people regretting their DIY renovations, it might be time to bring in the professionals. One-third of those surveyed had hired pros because they needed help fixing mistakes!
Don’t Get Hooked on Trends
Unfortunately, trends have a shelf-life. House flippers often make the mistake of decorating their property with features designed for modern tastes rather than building something timeless and classic that will stand up to time’s test.
If you want to hold on to your flip as a rental, it’s important that the home remains in fashion. This means continually updating décor and making necessary repairs so renters feel like they’re still living in luxury even if times change or styles evolve.
It’s also wise to work with the original architecture of the home you’re renovating. All too often there are flipped homes from the 1920s which should have beautiful fixtures and older characteristics that are wiped clean by the construction team. It’s best to enhance the “natural beauty” of the property rather than just starting from scratch.
Don’t Just Make it “Rent Ready”
A home should be comfortable and livable. It means that you shouldn’t need to supersize everything in the space, but make sure it feels big enough for your needs instead of feeling like a box! Renovating a kitchen, bathroom or closet that is too small can be difficult to recognize during the process. You may not even notice how tight it is until you have time for yourself in there!
When you begin the rehab of your property, think about how everything is connected. You must consider all parts in order to complete a successful renovation! Ensure that every room has multiple exits, and make sure the hallways are wide enough for people to pass through. Realistically consider how much space you have available so it doesn’t become cluttered with obstacles.
Use the Right Paint
Believe it or not, there are specific types of paint for different areas of your house. There is a type of paint for nearly every surface like drywall and wood. If you are painting ceilings or walls, use flat paint. Semigloss should be used for trim, accents, dining rooms and bathrooms while glossy can give an upscale touch to your home if it is used in moderation.
Make Sure the Property Will Deliver a Return
Before you worry about the mistakes discussed above, be sure that your property meets your investment goals and has profit potential. Rather than spend hours searching for the perfect property, let Florida Property Warehouse agents do it all.
With our expert agents, you’ll find the best deals available and get more of your desired outcome. You don’t need to pay for subscriptions or any other fees! Join our VIP Buyers List today!