Flipping houses is a common theme not just in reality TV shows. It has been a profitable business venture for a long time now. Like any other business, house flipping is based on supply and demand.
Renovating or refurbishing a house also increases the property value. House flippers try to get the house fixed and renovated as soon as possible to put it up for sale in a short time as well.
Property Renovations
Houses, even in the best of conditions, usually require some fixing. These could range from fixing the concrete driveway, garage door, ceilings, eaves, roofs, windows, insulation or tiles. Major repairs include plumbing and fixtures.
Wall cracks and even porcelain sink cracks also need to be fixed or have the parts replaced. In most instances, all the wall tiles in the kitchen would be replaced with an updated style, or the whole wall would be renovated and painted with a different color.
Fixing the driveway may sound like a minor thing, but any outdoor repairs require some time for the concrete to cure and set. It would be easier to contract this out or to use an industrial concrete crack sealer for faster fixes.
Checklist
With a large number of things that might need fixing, it is a good idea to have a run-through and a checklist, even before buying the house. This helps to get an idea if the house can be profitably sold at a reasonable price. If the house has too many items for repair, the costs might be prohibitive.
Estimating the project costs starts with the checklist. The checklist revolves around a scope of work. This is a thorough inventory of the house and the repairs required. Included in the inventory list are the repair details, cost of replacement, labor and the approximate timeline.
The checklist is not a simple thing that you can do in one day. It requires the assistance of a contractor, as well as ready access to current prices of hardware. Creating the checklist involves a walkthrough of the house. The walkthrough is a thorough study of the house, checking each room for possible repairs. Some of the things included in a walkthrough are:
- Structural and exterior review – Inspect what needs to be fixed or painted on the house’s exterior. This includes any issues with the roof and eaves. It may be necessary to repair windows and update the cladding.
- Interior walls and insulation – Check the wallpaper or interior paint. Also, decide whether to have a new interior color or theme.
- Kitchen – Updating the kitchen is vital. This includes getting new kitchen furniture, countertops and a kitchen island.
- Bathroom – Most of the bathrooms will also be updated. This includes the tiles, the bath, toilet, and tub.
- Flooring – Decide on the theme and materials for the flooring.
- HVAC, electrical and plumbing – Making sure that these work properly without any water leaks, insulation problems, as well as old electrical wiring, can help to lessen the house’s operating costs.
Buying, renovating and selling a house is a business. A checklist would ensure that the risks are understood before even buying the house. A thorough review of the house is necessary to prevent any surprise expenses.
