Whether you are remodeling a house yourself or are in the house flipping business flips can get expensive. Everyone wants to find that unicorn where you make some cosmetic changes and relist the house for way more than you purchased it for.
Sadly that is rarely the case, and most flips are performed on an older house that has lots of issues. While some issues might be considerably more expensive than others. Below we look at some of the areas for concern when flipping a house.
If your house is older, there might be a chance that the pipes and fittings in the house are starting to wear out. Copper and other metal pipes corrode over time and eventually limit the flow. It is better to flip the house the right way and hire a company to do a whole house repipe service. Sure, this will cost you more and add to your flipping costs, but you are providing that next homeowner with peace of mind.
Tip: If you are doing extensive remodeling and are remove the existing drywall get your whole house repipe estimate with the studs exposed. This will allow for the whole house repiping company to have a better idea of the scope of the job and provide you with a lower price. This is mainly because the repipe company will not have to tear into walls and replace the drywall for you.
One of the often-overlooked aspects of a flip is the homes water heater. Is the current heater even the right size for the home? If you are adding another bathroom or bedroom, that means more people are living in the house which will require a larger water heater.
Another aspect is the age of the water heater. Flipping a house and leaving an old water heater in place is like buying a new car with used tires. Sure, it may do the job but not for very long. You can also help make the home more energy buy upgrading to a tankless water heater.
Redoing electrical can get pricey too. If the home has older lousy wiring, you may need a complete rewire. Although this isn’t as pricy as a whole house repipe the price can still get it up there. A proper electrical inspection can determine whether or not all wiring needs replacement. Often it is possible that there are only a few electrical runs that need replacing, which will help with the price.
Deciding if the roof can be fixed or if it needs replacement is a considerable aspect of a flip. Before you even decide to take on a flip, you should have a roofing contractor inspect the roof, so you know what you are dealing with. Depending on the size of the house, a new roof could cost anywhere from $8,000 to $35,000.
Nearly every flip involves a kitchen remodel of some sorts. Kitchens sell homes, and that is why it’s so important to pay close attention to the design, cabinets, and fixtures. Cabinets alone can cost anywhere from $5,000 on the very low end to $25,000 on the high end. Then you need to think about the sink, faucet, and stove.
Tip: There are cabinet warehouses that carry numerous designs that are premade and can be used to fit almost all kitchens. You can often save thousands of dollars by doing all the measurements yourself and buying directly from them.
House flipping can be very lucrative, but an inexperienced plumber can find themselves in trouble. While you don’t want to waste money, it is vital that you sell a home that you’d want to live in yourself.