Flipping houses have been given a lot of bad rep over the last few years. Ever since the crash in 2008, real estate investors have been hesitant at best to start in again with the flipping game. However, It’s been over 8 years now, and believe it or not the market for flipping houses has come back around. Granted you still need to be wise with the houses you choose to invest in to make sure you’ll get a solid ROI. But, flipping houses truly has become lucrative once again.
With that being said, there are some tips that can help you save money on your next flip. After all there are so many options to choose from when remodeling a home. So it’s nice to be able to know where you can save money, and where you need to spend it. In this article we will give you 6 tips to help you make your next flipping adventure of success.
- Buy Off The Shelf
While off-the-shelf can make some people cringe, keep in mind that when you’re flipping a house you don’t have to be in love with the design. As long as it looks good, and is sellable you don’t need to pour cons of money into custom cabinetry. When you buy off-the-shelf you are given about 30 different sizes to work with. And roughly 6 different finishes with a basic door style. These options can be made to work for a majority of kitchens. However if you do happen to find a house that needs a few custom pieces, it’s best to still buy with off-the-shelf and find a custom distributor that can best match panels to your already purchased cabinetry. By buying off the shelf, you literally can pocket thousands of extra dollars.
- Don’t Neglect The “Oops” Paint
Ping quality is very important when it comes to flipping a home. You may be tempted to go with cheaper quality paint. However, this will often times lead to twice the amount of work. Making the price tag no longer worth it. So, either spring for a higher quality paints or go ahead and check out the “oops” paint section. “Oops” paint is the shelves where they put paint they mis-colored. Whether it was because they use the wrong base paint or perhaps it wasn’t the right finish. Nevertheless, often times you can get these for a fraction of the price while still maintaining high quality.
- Don’t’ Write Off Big Bargain Stores
While big bargain stores aren’t always consistent with their merchandise, you can often times get incredible deals on certain things such as light fixtures, tiles, toilets, garbage disposals, etc. So, when you start your shopping for your new projects, check out your big bargain stores first and see what types of deals they are offering.
- Spruce Up Your Home With Hearty Plants & Discount Mulch
When you go to find plants keep in mind the region in which you live. Choose plants that are low maintenance, and can easily survive in your climates conditions. Sometimes, you may need to spend a little extra here, but that’s not always the case. There are several hearty plants that tend to have a low price tag. Plus, look for discount mulch. Often time’s bags that have been ripped open can be bought for just a dollar. So take some tape in with you the next time you go to a garden store, tape up the bag, and save big.
- Get Suggestions From Friends
If you have friends that are also in the house flipping industry, make sure you ask them for advice or suggestions on where to go to get some of your materials. After all, they too have been shopping around and may have seen a deal or know of a good discount store where you can save your money while still finding quality product.
- Repeat What Works
One of the best pieces of advice we can give is to find a design style you like, and stick with it. This has it benefits in more ways than one because you not only can continue to use excess materials on the next house, but you’re familiar with the materials and know how they work. Which can help save you money and time in the long run.
Then, once your house is ready to flip start to list it on real estate websites. We even suggest going the extra mile and utilize tools such as Real Estate Virtual Tours. By doing this, you can give your property an edge on the market and lead more potential buyers to your doors. You can also get a relator, if you so choose, to help match you up with a buyer. However, when you use features such as Real Estate Virtual Tours, it sometimes can eliminate the need for a real estate agent all-together and allows you to sell it yourself. Regardless of what you decide to do, hopefully these 6 tips can help you save money and make your next flipping adventure a dream!