🏡 Know your market
The right house in the right location at the right time. A cosmetic renovation is a much cheaper prospect than a renovation that needs structural work! – Speak to your local Property Partner, they can help you decide on the appropriate property!
💰 Budget, budget, budget
Loan costs, interest on loan whilst renovating, stamp duty, renovating costs – you don’t want to end up spending more than the resale price! Speak to the team at Mortgage & Finance Solutions to make sure you can keep in budget!
👨🔧 Renovation skills
Often when flipping a house, the most profit is made by doing the bulk of the work yourself. If you start employing too many professionals your changes of making a profit start to slip. Make sure you always have registered electricians and plumbers do what you aren’t registered to do yourself!
⏱️ Time constraints
Do you have the time to manage and complete the renovations? Its never as quick to do as the block makes it look! Makes sure you have enough time to complete your renovations!
But the most important tip of all? Do your research! It takes time, skill, money and patience to flip a house. Speaking with your local experts at SLP is a great place to start! Don’t forget to keep watching the block for great ideas!