3 Mistakes to Avoid When Flipping a House

3 Mistakes to Avoid When Flipping a House
  • Opening Intro -

    Getting into the business of flipping houses can be a lot of fun, but a lot of stress.

    Typically, you flip a home to make money off of it.

    You purchase a cheap house that needs renovations, fix it up and then sell it according to the new appraisal.


As fun as it is to renovate homes, flipping a house has factors to consider. Without that, many mistakes can occur without proper planning.

Here are a few mistakes to avoid.

Not Having Enough Cash

Renovations can quickly become expensive, especially if you are trying to update an entire house. Even with a simple facelift, renovating a house has a hefty price tag. Add on any structural changes and upgrades that might be needed, and it could quickly put you well over budget.

Keep in mind it is not just the renovation costs to consider. There are also costs of owning the property. You must have enough money to purchase the house, pay the mortgage or interest accumulated while you have ownership, plus pay for all the renovations cost. A quick mistake that will make your house flip a flop is not having enough money at hand.

Don’t Have the Skills Needed

When you flip a house, you want to do it in the most efficient way possible – money included. So it is typical for people wanting to do the majority of the work themselves.

The problem, though, is when you try to do renovations which you have no skills in. You end up having shoddy craftsmanship that brings you back to square one or completely wrecking the renovation.

If you have the skills needed to put in the sweat equity of a renovation and enjoy doing it, your house flip should be successful. But if you don’t know what you are doing and need to hire a professional, you want to make sure you have enough money. Plus you want to factor in the cost versus the return you hope to make on the sale.

Lack of Time Available

Time is another factor that significantly affects flipping a house. Time is money when it comes to the renovations. You want to finish the project quickly as possible (while providing quality work) so you don’t spend all your money on the mortgage payments.

Find Home Remodeling Services
Additions Major Remodels
Minor Remodels Disability Needs
top-rated, pre-screened local contractors
pdf file FREE: download contractor selection
enter zip code – powered by HomeAdvisor ™

But time also means yourself having enough time to invest in the project. Not only do you need to have the time to put the work in, but you also need to be available for any viewings of the property and commutes to and from. So factor in if the time is worth the amount of money you may make.

So if you are looking at diving into your first house slip, take into consideration these three mistakes to avoid. Lack of money, time and skills required to complete the renovation can quickly put you over budget and not knowing what to do. Plan ahead and make sure this is a task you can take on before diving in.

Credit reference:
If you are looking at real estate in Vancouver to flip a house, avoiding these mistakes will make your houseflipping experience more manageable and profitable.

Image Credit: Pixabay

nice post? … share it!

Home Remodeing Reference:

FREE: home improvement guide
Amazon Bestsellers: Flipping House

$9.10Bestseller No. 1
The Book on Flipping Houses: How to Buy, Rehab, and Resell Residential Properties (Fix-and-Flip)
363 Reviews
Bestseller No. 2
Three, Two Many
26 Reviews
Three, Two Many
  • Amazon Prime Video (Video on Demand)
  • Smashing Pictures (Producer)
$4.32Bestseller No. 3
The Flipping Blueprint: The Complete Plan for Flipping Houses and Creating Your Real Estate-Investing Business (1)
177 Reviews
$12.00Bestseller No. 4
The Book on Estimating Rehab Costs: The Investor's Guide to Defining Your Renovation Plan, Building Your Budget, and Knowing Exactly How Much It All Costs (Fix-and-Flip)
307 Reviews
Bestseller No. 5
Ice-T and Coco
11 Reviews
Ice-T and Coco
  • Amazon Prime Video (Video on Demand)
  • --- (Director)

Last update on 2020-07-04 / Affiliate links / Images from Amazon Product Advertising API



directory photos forms guide

Helpful article? Leave us a quick comment below.
And please share this article within your social networks.

facebook linkedin pinterest

Amazon Affiliate Disclosure: LetsRenovate.com is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.com. The commission earnings are used to defray our cost of operation.

View our FTC Disclosure for other affiliate information.

Categories: General News

About Author

LetsRenovate Admin

From the administrative staff at LetsRenovate.com. We hope you enjoy this article and the elements of the site. Please forward any suggestions or comments regarding the posting or other suggestions for improvement. We also operate other helpful guides in education, money, travel, and business. Visit our main site for address information. Thank you. Please share this site with friends and family.