{"id":4940,"date":"2018-07-27T09:59:08","date_gmt":"2018-07-27T09:59:08","guid":{"rendered":"https:\/\/www.openbusinesscouncil.org\/?p=4940"},"modified":"2020-02-27T09:01:10","modified_gmt":"2020-02-27T09:01:10","slug":"3-tips-flip-home-cheaper-way","status":"publish","type":"post","link":"https:\/\/www.footballthink.com\/3-tips-flip-home-cheaper-way\/","title":{"rendered":"3 Tips on How to Flip Your Home the Cheaper Way"},"content":{"rendered":"
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3 Tips on How to Flip Your Home the Cheaper Way<\/figcaption><\/figure>\n

So, you are considering applying for investment property loans<\/a> and flipping a home. This is good news, but flips, even the easiest ones, can quickly break the bank and lead to additional financial problems. Here are three easy-to-remember tips for flipping a home as cheaply as possible.<\/p>\n

Plan a Realistic Budget and Timeline<\/strong><\/p>\n

Planning is of the utmost importance when flipping an investment property. Real estate investors who haphazardly approach the flipping process will almost always exceed their initial budget. This can be a major disaster, but by carefully taking the cost of contractors, subcontractors, architects, engineers, and permits, as well as any applicable holding costs into consideration, you can come up with a highly realistic cost project.<\/p>\n

Don\u2019t Make Too Many Improvements<\/strong><\/p>\n

Over-improving a property is one of the quickest ways to throw money down the drain. Over-improving occurs when an investor incorporates too many expensive upgrades and fixtures into their flip, causing the property to be valued at a much higher price than homes in the surrounding neighborhood. Buyers searching for a home in a neighborhood that contains primarily $400,000 homes are not likely to spend $600,000 in such a neighborhood when they could spend the same amount to purchase a larger home in a more prestigious area.<\/p>\n

Avoid Homes That Require Expensive Repairs<\/strong><\/p>\n

It can be hard to find a perfect home to flip at a bargain price, and more than likely, you will have to purchase a home that requires some improvements. However, all improvements are not equal, and some are exorbitantly more expensive than others. A few broken windows or simple plumbing problems are far less expensive to fix than homes with:<\/p>\n