10 Tips To Save $$$$ on Flipping a Fixer Upper
- Have a professional help you. Having a Realtor on your side will save you time and money in spades. They will be on top of the fresh to market properties and they may even know about the ones that aren’t on the market yet. What they bring to the table is huge and a key to saving you money.
- LOCATION, LOCATION, LOCATION!
- Curb appeal is important. Do not forget about landscaping and the outer appearance, otherwise you’ll be wasting money on mortgage payments etc… while your waiting for your house to sell.
- Closing costs. Land transfer tax, lawyer’s fees, CMHC, mortgage penalties etc…. Transaction costs can add up and it is key to budget carefully.
- Have a property inspection done of course! An inspector will help point out the major issues and the costs of fixing them. Investing in the inspection can end up saving you thousands. For example: Would it be possible to expand out the back? Or could we open up this wall? While the inspector might not have all answers they may have some and that’s valuable information to have prior to investing.
- Big ticket items: windows, roofs, furnace etc…. Your going to want to save as much as possible with the goal of producing a quality product.
- Bring in an interior designer. A professional designer paired with a Realtor will be able to make sure that the design will maximize your potential to earn a healthy profit. Which is why your investing in the first place.
- Get your hands dirty! A real good way to save money is to take part in the demolition, and maybe even one or two of the less complicated jobs. This way you save some money on Labour.
- Don’t cheap out on the finishes. Yes you want to save money, but the real key to getting buyers willing to pay what your asking is to achieve a WOW factor.
- Hire a Realtor to Sell. I know you probably thinking, why would I hire a Realtor when I can save $$$$ on Realtor commissions by selling it on my own? The goal is to price the property properly and have it sell as fast as possible, at as close to the asking price as possible. A Realtor is going to do exactly that because they are professionals. You don’t want to be paying the mortgage, the utilities and the taxes any longer than you have to. Get it done and move on to the next one!