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Start a House Flipping Project

For many first time flippers the process of actually starting the job can be almost as daunting as buying the house in the first place. It’s always important to remember that proper preparation can mitigate a number of the issues you are likely to face, so there are a few important things you should do right at the beginning of the project.

Get a survey

Ideally this is something that should be done before you have even purchased the property. A survey is intended to highlight any problem areas of the house and a good surveyor will be able to provide you with data that can allow you to better judge whether or not the property represents good value for money.

Many a novice house flipper has been caught out by not fully researching their prospective property, so it’s always important to do everything you can to gain as much information as possible. That initial outlay can be far outweighed by eventual costs if you end up discovering things that could have been found in the early stages.

Make a budget

While there can occasionally be some truth to the idiom that fixing up a house can cost you twice as much as you originally intended, by making a budget you can at least account for every possible expense that you can foresee.

Not only is this responsible planning, it also means that you have a better idea of your finances and how much wiggle room you will have if something goes wrong. Be sure to include everything, even things like the cost of gas for car journeys back and forth. If you can account for as much as possible you will always have a good idea where your money is going.

Get good suppliers

Rare is the house flipper who is able to get the job done entirely on their own steam. In any cases you will need to bring in external contractors to work on aspects of the house, such as the plumbing and gas work.

Of course, this also means that there is the possibility that you could be taken for a ride by cowboy contractors who can’t deliver the job they promised. Do plenty of research into people that you think may be reliable and always ask around before making a choice. Remember the cheapest option isn’t always the best and paying a little more for good quality is preferable to saving a little bit of cash and getting a botched result.

Have the money

Perhaps before all of these points come into play it is important to be aware that you will need plenty of money to get into house flipping. Attempting to start a project without having the finances can lead to ruin, as jobs won’t get completed and nothing will ever happen with the house, which in the worst case scenarios could lead to bankruptcy. Always ensure that you can still remain comfortable whether or not the project is a success and never bet the bank on the market.