Television home makeover shows have awoken the interior decorators in all of us. Not only have they helped to boost the home improvement sector, which in turn has had a huge impact on many trades and many niches, but they have also convinced millions of us that we have the skill to buy and flip houses.
Flipping a house simply means to sell it for a profit. It’s a process that involves buying a house (often a basic shell or something that is dilapidated), renovating it and then selling it on when it’s ready. Sounds easy enough, right? Well it’s not. But there are ways that you can do it yourself, even if you don’t have a lot of money.
Flipping a House on a Budget
The main cost involved with flipping a house is the labour. If you have people who can help you out in this department, or if you’re a builder yourself, then you’re good to go. If not, then you can give up on the idea of a complete renovation. Not only will you likely cause costly damage if you try and do it yourself, but there are no builders out there who can do it for you for free.
Luckily, there are things that you can do to a house that don’t require much of a budget. So if you have spent all or most of your money getting the house in the first place, then you can try these tips to flip it for a profit without spending much more.
Tips for Flipping a House on a Budget
There are a few areas of the home that can be completely renovated with a good eye and some elbow grease, especially if the house was rundown to begin with. These are the front lawn and general exterior of the house, the garage, and the kitchen.
You can get your green fingers going to make the former look great and bring those potential buyers in. You can turn a mess of a garage into another useful room and you can revamp a kitchen to make it look clean, cool and just what a potential buyer would want. It really is amazing what some hard work and a good eye can achieve here.
That’s because the true value of a house is not in the size, the structure or the rooms, but the way these are presented. After all, no one is going to spend their life savings on a house if it looks terrible. No one pays full price with the knowledge that they are going to need to spend more money or time fixing it up. If the home is perfect and ready for them to move in, however, they will.
So, if you get a discount because the house is a mess and then bring it up to standard, you can profit from the difference. It sounds like an oversimplification, but it really is that simple and it’s a process that has helped many budget flippers to earn a profit.
If you are in this situation and decide to do the building work yourself anyway, just make sure you are insured. There are all kinds of protection out there and you can make a premises liability claim should it come to that.