There is no time like now for investing in real estate, including buying properties that need renovations. If you plan on house flipping, there are some ways to curb what you spend so that you optimize what you make at the time of sale.
Some ways to cut renovation costs when house flipping include these suggestions:
Use Free Resources
Go ahead and utilize free resources whenever possible. This could be using the in-house designers where you buy your home improvement materials, or getting online and using free planning tools and calculators from your favorite retail websites. These can help plan and budget all of your DIY projects.
Work with Students
Get started with busy work that you might hire a student to complete for you. They typically are willing and able to do things like these tasks:
• Mowing and maintaining yard
• Repairing, patching, or sealing pavement
• Declutter and clean
• Painting and staining, indoors and out
• Demolition work
• Removing rugs and carpeting
You may have to rent or provide tools and equipment when hiring students to do these types of chores, so figure that in when assessing the overall costs.
Look for Deals on Materials
Keep a list of materials that you are and will be looking for to complete the renovations around your property. This will allow you the opportunity to buy overstocked or discontinued building materials when you see them save some money on projects. You can also ask for the vendor to show you builder’s grade materials, like prefabricated cabinetry, that are a bit cheaper.
Invest in Some Tools
If you are going to be completing tasks and renovations, you must have the right tools. Plus, the right tools can save time- which you never have enough of. Renting tools is fine for a one-time need, but it can be expensive over time to rent. Start building your toolbox by purchasing a popular and practical tool every week or two.
Earn Points Back
When you buy things for your property and renovations, use a charge card that offers rewards or cashback. You may be surprised by how the perks add up over a year!
Rent a Dumpster
You will save yourself a lot of effort and money if you rent a large dumpster to get rid of your construction mess and debris. This also means that you won’t have to pay inflated prices for waste removal by area contractors.
Use these tips to curb costs when renovating your investment properties and talk to the professionals at Rushview Commercial Funding to find out more about your money options.