In house flipping, small design details can lead to higher profits, but making them work for you starts with quick decision-making. Being able to think on your feet when it comes to the details is one of the keys to success when flipping a house. Use these five tips to help you make quicker design decisions on your next project!
Take Care Of The Numbers Before Starting
In the property flipping game, the profit you make comes down to the margins. To never lose sight of the financial goals – but also to make sure you aren’t obsessed with them – take care of the numbers and get your books in order before you start. If you’re too preoccupied with money, you can hesitate at the wrong time and delay your opportunity at the best time for entering the market!
Pay Attention To The Market
The small design details don’t always matter at the start: where you buy, the price you pay, and what you can sell it for determines your success in house flipping. Keep your eyes and ears open and know the market in which you’re looking. Even a home with major design flaws can be a great opportunity, and if you’re ready to look past them, you’ll be able to jump on a deal when it presents itself.
Concentrate On What Matters
“The Devil’s in the details” – this old saying is very relevant to house flipping. Don’t get bogged down in the smaller design choices you need to make – get the home functional and looking salable before choosing paint colours. Plumbing and electrical should always come before fabric swatches.
That’s not to say that you shouldn’t have some selections set out; the colour and wood type of your floors, for example, should be chosen carefully and with the home’s layout and lighting in mind. Once they’re in, you can’t take them out without losing a lot of time and money.
Straighten Out What You’re Good At And What You’re Not
Some design elements require expertise. If you’re handling the work yourself, don’t waste time learning new skills through trial and error. Doing this can also ruin an older home’s more endearing features. For example, if you’re not sure about refinishing hardwood flooring, don’t try it, because you might ruin one of the home’s amazing legacies. The jobs you know you can’t do should be left to the experts, so bring in contractors or experts who can do the work properly and as quickly as possible.
Work With A Partner Or Mentor
If you’re new to house flipping, making the quick design decision can be difficult; this is why when starting, talk with an experienced person or bring them onto the project. A mentor who is involved in bringing the house to a profitable state is one more motivated to tutor you, and you can get hands-on education to use in future house flipping opportunities.
When you account for a partner with which to split the profits before starting, you’ll have an easier time approaching experts you don’t personally know. Compensation for their mentoring efforts will undoubtedly make them more likely to help you out. With their knowledge and experience, you’ll not only make quicker design decisions for your current project, but you’ll also learn what’s important as you go!