We regularly hear of people buying houses, renovating them, then selling them at a profit. They’re called ‘flippers’. It seems an easy way to make money. There are even television programs about this topic. Often it is easy, but there are perils along the way.
Profiting from your home renovations
What you should consider before buying an old house and embarking on a renovation project which you plan to sell at a profit:
Conclusion - fixing old houses can be profitable, but there are pitfalls
It is possible to make money by buying old houses and renovating or remodelling them. But, buying the wrong house, paying too much for the property, turning the house into something you want to live in rather than what prospective buyers are looking for, or planning ambitious renovations may leave you facing a loss rather than a profit.
Next week I'll discuss other important considerations for your renovation project. Top tips to avoid your renovation project turning into a disaster.
For more valuable tips and advice read: Build and Renovate Your Home With Your Eyes Wide Open.
This is an extract from: 'Build and Renovate Your Home With Your Eyes Wide Open' by Paul Netscher. Available in paper or eBook from Amazon.com, Amazon UK, Amazon CA, Amazon AU and all online bookstores. To read more
© 2019 This article is not to be reproduced for commercial purposes without written permission from the author.
I’m a construction professional, author of several successful construction management books, and a home owner. I’ve made mistakes in construction management, I’ve seen others make mistakes, but importantly I’ve had multiple successful construction projects and I’ve learned from the mistakes. I want to share these lessons and my knowledge with you.