House Flipping – 3 Important Tips

Advice on flipping houses and working with the tradesA critical part of successful house flipping lies in the timeliness and quality of renovations.

There is so much to be said on this subject, but here are three key things to keep in mind regarding trades workers, if you’re venturing into the world of flipping:

3 Important House Flipping Tips to Consider

  1. Don’t underestimate the need for professional trades workers – and don’t overestimate your ability to handle complicated repairs, such as electrical, plumbing, dry-walling, etc. Many house flippers are looking to put sweat equity into their investment. That’s a great idea, but know where to spend your time and don’t tackle work that you are not going to be able to finish to a professional standard.
  2. Line up trades professionals well before you close. Think it’s easy to find qualified electricians, plumbers and the like? Think again. There is a shortage of licensed professionals in many of the trades – and those you find may simply be too busy to accommodate your request without proper notice. You can’t flip a house right unless you have proper professionals.
  3. Be realistic about costs and understand that you’ll get what you pay for. That guy who is half the price of every plumber in town? Well, he might be half as good as his competitors, too – or not even close. You need to develop a healthy respect for the trades if you’re going to be successful flipping homes.

For more information about flipping houses, or about the Guelph real estate market, please contact me.

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