Real Estate
Getting the house of your dreams and taking on a home renovations sounds like THE DREAM. Tv and social media show the surface of house flipping, but it leaves much to be desired. If you don’t know these hidden aspects of house flipping, you could find yourself deep into a project with no way to turn back when it gets too expensive. But the allure of large paychecks is often too hard to dissuade the interested. If a renovation is in your future, here is the side that no one likes to talk about.
Contractors
Hiring a quality, affordable contractor is no easy task. Ever notice how home flipping shows use the same handful of people every time? They have people they trust who are within their budget with teams that do a great job! When doing a home flip, you need to be able to connect with people locally and have personal connections. The connection you choose can make or break a flip. People who have been in the industry have been around the block and have great contractors on their team. They keep them busy so they don’t go looking for someone else. Finding the right people to flip a house can be a long, difficult, and expensive process.
Money Pits
No one wants to think about this, but there is always the potential of investing into a money pit. When you look at renovating a house, you likely haven’t looked much further than skin deep. Hiding behind walls can be costly renovations that you need to take care of. Water damage, damaged electrical, new insulation or drywall, termites, mold, you need a new foundation, etc. If you did not leave plenty of room in your budget for unforeseen costs, your new dream of renovating your home can quickly turn into a nightmare.
Nitty Gritty Details of Home Renovations
Just like how you may not have thought about those potential costly aspects of a house flip, you may miss out on important details! A fresh coat of paint and new cabinet doors is not all that comes with a home renovation. Ensuring the insides of the home work such as electric and water, that toilets, lightbulbs, and shower heads, faucets are all bright and shiny. If you intend to change the floorplan, knowing how the home was put together will determine if what you have in mind is feasible. Understanding the inner workings like septic systems and where the water comes from can also affect where your budget may go. A beautiful looking house is one thing. But all of the unseen foundational pieces need to be invested in before putting the beautiful home on top. Anything left behind will be found during an inspection.
Time Needed To Fix
It’s super nice to have an entire home flip happen in 60 minutes or less when we watch it on TV. While we all know it takes longer than that, do you really know how long? Our typical renovation, from the time of purchase to us being able to sell the property, is 6-8 weeks. All of those nitty gritty details can take weeks to months to get approved and put together. If you have a money pit, the time to renovate gets even longer as unforeseen projects start to pop up. Holding onto a house for that long for many people is not feasible.
Unseen Expenses of Home Renovations
Budgeting for the renovations is only part of what you need to budget for when you plan on starting home renovations to turn around and sell it. In the meantime, however long you own the house, you will be making mortgage payments. When you sell the house, it’s going to come with closing costs and commissions. Selling is not free!!! Don’t forget to add in these costs when considering what you may make once the house is able to sell.
In The End
Eric with ASDM Homes offers an easy way to sell your house fast in San Joaquin and Stanislaus county without needing to make any home renovations. Cash offers can help you sell your house quickly, for a fair price, without the need for repairs, inspections, or having a line of strangers walk through. Selling a house on the market can be a long, costly and difficult process. Selling your house does not have to be.
If a cash offer is what’s right for you, Eric with ASDM Homes is here to help! We can give you a fair cash offer, help with all the legalities, and streamline the process to help get your home sold fast! Contact Eric today to find out what you can get for your home and how quickly you can get that cash in hand!
