When you’re rehabbing properties, controlling costs is definitely important. After all, when remodeling costs go up, your ability to flip the property and still get your money back, as well as a realistic profit, quickly begins to decline. Fortunately, there are some simple tips you can incorporate into your home rehabbing project that will help you control costs and save money on some common expenses.
The best way to succeed in flipping properties is to know where you can cut corners, and where you can’t. You should never compromise on the quality of workmanship, or cut corners when it comes to meeting building codes; however, you can still produce a great home to flip when you follow these simple money saving tips.
1. Find Products You can Buy off the Shelf
Many of the big home improvement centers offer products, such as kitchen cabinets, that can be purchased off the shelf. While custom cabinets can help you create a stunning kitchen, you can still have a beautiful kitchen design while saving thousands of dollars by using off the shelf cabinets. You might need to be a bit more flexible when you purchase products this way, but the cost savings can be tremendous.
When you need to replace cabinets, never underestimate the wonderful products that you can purchase ready-made. Browse through your local home improvement center to see what they have available. When you get to know your options, you’ll be able to make some simple changes that will help you save money, while still creating a wonderful kitchen space that will look attractive. Keep in mind, you’re not going to be living in this home, so you don’t have to have every feature that you think is important. Creating a great space with functionality and design will catch the interest of many potential buyers.
2. Find a Bargain on the Paint You Need
Did you know that most stores that offer mixing of custom paint colors will often have paint that you can purchase at a bargain? Nobody is perfect, and this is certainly true when it comes to mixing colors for customers. When these stores mix a batch of paint that doesn’t quite match what the customer expected, they don’t just throw the paint away. They typically put it in their bargain section at a huge discount.
Keep in mind, just because the custom color mix wasn’t exactly what a previous customer wanted, certainly doesn’t mean that it won’t be great for your home rehabbing project. You’ll often find some fabulous colors that you can use in a bathroom, bedroom or even on a porch.
When rehabbing properties, it isn’t all about the cost. For example, did you know that those cheap paints often require several coats? Not only are you buying more paint than you would if you had chosen a higher quality product, but you’re wasting valuable time putting multiple coats of paint on the walls. When you choose a quality paint, you’ll save time and labor; however, when you shop the “mistake” bin, you’ll also have an opportunity to save a great deal of money. Definitely a double win!
3. Don’t Forget to Make Use of Bargain Stores
Did you know some of the big bargain warehouse stores actually sell home improvement products? When you’re flipping real estate, saving money on tile and other products is important. You’ll be able to find a variety of items, ranging from wood and laminate flooring to toilets, sinks, light fixtures, garbage disposals, faucets, light bulbs, and more. Their inventory often changes quite frequently, so you never really know what they’ll have, but when you have a little time, stop in and see what’s available. You can often pick up some excellent buys that you can use when rehabbing a property.
4. The Landscaping is also Important
When spring rolls around, you’ll find great landscaping options at your local home improvement store as well as many smaller retail outlets, including landscaping companies, and even many supermarkets. If you shop wisely, you’ll find great deals on plants that will make a great addition to your landscaping. Try to choose plants and shrubs that are adapted for your particular climate.
Once you’ve put plants in your landscaping, you can fill it in with mulch. If you buy mulch in the spring, you can usually get the best price. This is a great time to stock up. When you’re flipping real estate, you can use the same mulch for every project, so stocking up just makes sense. Additionally, if you look for bags that have been damaged or ripped open, you’ll usually be able to get them for a fraction of what you’d pay for an unopened bag. Keep your eyes open, and pick up these deals when you find them.
5. Get Recommendations from People You Know
When you’re looking for home remodeling items, it’s a good idea to ask other people where they shop. You might discover a local store that offers a great price on flooring, paint or other home improvement supplies. There are probably many stores that you’ve never looked in because you just didn’t know what they had or you thought they didn’t offer the selection that you needed. When you begin asking friends and family where they get their paint, tile or other items, you might find that they’re all shopping at the same place. It never hurts to check out a new company, especially when you’re able to get supplies at a discount.
6. When You Find Something that Works, Repeat It
When you’re flipping houses, it’s important to try and find ways to make the process as streamlined as possible. For example, you can use the same products in every home that you flip. One advantage with this is you’re familiar with the product, so you know how to use it. Additionally, if you purchase in bulk or you find a great price on something, you can stock up. You never have to worry about having too much tile or hardware, you simply put it away and wait until you purchase your next property; then, you’ll be ready to go.
Flipping homes can be a wonderful way to make a living; however, if you want to do well, you need to know how to keep costs down. You know how much you can put into a property, so sticking to that budget while providing a great rehabbed home is important.