A home is so much more than a foundation and structure. Flipping a house requires turning your average structure into a house worth coming home to. Once a fix-and-flip loan is secured, it may feel like the sky is the limit. But that limit often comes faster than expected, monetarily speaking! Here are a few key materials worth investing in when flipping a house.
What To Invest In
It is important to do some research before securing a house to flip. Familiarize yourself with costs associated with refurbishment, including construction materials and the cost of local labor. A few other items to note include the time to allow for a given job and local construction codes. It’s also important to note structural changes apart from those that will be cosmetic. Without proper structural investments, the aesthetic additions will not matter. However, a combination of structural and aesthetic changes will result in the most appealing property for the next buyer.
Shop the Unexpected
Investors should never rely solely on the local hardware store for materials. Out-of-the-box sources such as Craigslist, Facebook, or a local surplus store can be great places for finds. It isn’t unheard of to find slightly used, high-end appliances online. Additionally, investors who are flipping multiple houses should employ the use of a storage unit to hold items that they might use later. It’s a small investment that could save big down the road.
Boston is full of opportunities. With the right partner and guidance, investors can see a real return on their fix-and-flip loan.