If you’ve been considering buying a southern Maryland fixer-upper to flip, it can be a highly rewarding (and highly profitable) endeavor, but it can also be overwhelming and highly risky. So, how do you navigate these extremes? Here are some tips for potential house-flippers to have a greater chance of success:

Do Ample Research

With so many TV shows about flipping houses, it can begin to feel like anyone and everyone can do it successfully. And while you can tune into a 30-minute episode, there’s no way to pause once you’ve started a flip of your own. While these shows can be great inspiration, flippers need to do more thorough research before taking a chance on a fixer upper. From understanding the market and value of the neighborhood, to having a sense of renovation costs — the more research you put in upfront, the wiser investment you can make.

Define Your Budget

Buyers need to map out their budget in advance and commit to sticking with it. It’s also important to consider leaving yourself some wiggle room for those unexpected expenses. If you’ve watched the shows, you know that sometimes a major hurdle can pop up part-way through, racking up the budget. Rather than just having a single number in mind, buyers need to crunch the numbers to determine their ideal range as well as their absolute max. This way, you can create a cushion for those unforeseen expenses.

Set a Timeline

Flipping a house is no small task — and having a timeline in place is crucial. Whether you’re planning to do the majority of the work yourself or you’re hiring others to do the work, you need a plan to help you stay on track and know when things aren’t progressing fast enough. As with your budget, it’s wise to leave wiggle room in your timeline, so that unexpected obstacles don’t derail your success.

Know When to Leave it to Pros

Again, those house flipping shows can make any of us feel ready to take on the challenge of flipping a house. And while there are many things the average home buyer can DIY with a bit of planning and research. There are other things, especially when it comes to structural things, electrical, and plumbing that require a skilled professional. You also likely don’t want your end product to look like a DIY project, so if you don’t have the experience or skills to complete a project properly, it’s important to hire someone who does.

DIY Wherever Possible

That being said, if you’re flipping on a budget and trying to do as much as possible on your own, know which tasks you can tackle rather than dishing out money. For instance, you might not be a professional painter, but if you need to paint several rooms and you’re willing to put in the effort to do it right, you can still arrive at a very good end result.

 

If you’d like to talk more about house flipping, or if you need a recommendation for experienced local remodelers or handymen, please get in touch. I’m always happy to help.