If you’ve ever seen an episode of Flip This House, you know just how tense flipping real estate can get. From working with challenging contractors to hidden structural damage, many things can go wrong during a flip. If you’re serious about getting into flipping real estate, you need to educate yourself as much as possible. Here are the top 7 lessons you can learn from watching Flip This House.
1. Curb appeal. Curb appeal can make or break your flip. On Flip This House, they typically allocate 10% of the total budget to landscaping. The outside of the house has to reflect the gorgeous interior you’ve spent so much time renovating.
2. Focus on kitchens and bathrooms. Many buyers focus on kitchens and bathrooms. Although these can be the most expensive rooms to update, they make the biggest impact on potential buyers.
3. Don’t let failure stop you. You may have a failed flip that takes forever to sell, or your renovations may not be what buyers are looking for. However, just because you failed once doesn’t mean you’ll always fail. Learn your lessons and apply them next time you’re flipping real estate.
4. Get your hands dirty. If you can do some of the work yourself, you’ll save a ton of money on contractors. Paying somebody else to do the work will eat a huge chunk of your budget, so if you can figure out how to do it yourself, you should.
5. Make a budget. Put it down on paper, and refer to it often. Going outside your budget can have huge impacts on your profits at the end of the day. Without a paper budget, you’re more likely to waste money on unimportant renovations.
6. Keep a timeline. Once you’ve looked at the house and determined what changes need to be made, set a date for your open house and start advertising it. While you should build in a little extra time just in case, setting the open house and making a timeline from the beginning can keep you on track and stop the project from dragging on.
7. Understand the buyer. Buyers aren’t going to be impressed by a fancy paint job in the living room. Instead, focus on upgrades the buyer will care about. Look at your flip from the eyes of prospective buyers to make sure you’re including all the necessary changes.
Next time you’re flipping real estate, sit back and put your feet up to watch a few episodes of Flip This House. You can learn important lessons that may help your next flip go more smoothly.
