{"id":18209,"date":"2021-07-14T15:15:00","date_gmt":"2021-07-14T22:15:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=18209"},"modified":"2021-07-13T09:31:53","modified_gmt":"2021-07-13T16:31:53","slug":"flipping-an-old-home-what-to-fix-what-to-leave-alone","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2021\/07\/flipping-an-old-home-what-to-fix-what-to-leave-alone\/","title":{"rendered":"Flipping an Old Home? What to Fix &#038; What to Leave Alone?"},"content":{"rendered":"<p style=\"text-align: justify;\">Flipping houses has become popular in recent years, thanks to TV shows highlighting dramatic transformations and large profits. Whether it is a handyman\u2019s hobby or a contractor\u2019s livelihood, there are many opportunities to make money through this process. However, while it\u2019s definitely possible to earn some extra cash by buying a house, renovating it and selling it, it\u2019s also possible to lose a bundle. Here is everything you need to know about flipping a home.<\/p>\n<p style=\"text-align: justify;\"><strong>Pros of Flipping an Old House<\/strong><\/p>\n<p style=\"text-align: justify;\">Buying an old home to flip can be a smart idea in some cases. If the house has been sitting empty for a fairly long period of time, you may be able to purchase it at a lower price. If it\u2019s in good condition overall, and the work it needs is mostly straightforward and cosmetic, you may be able to make a significant profit.<\/p>\n<p style=\"text-align: justify;\"><strong>Cons of Flipping an Old House<\/strong><\/p>\n<p style=\"text-align: justify;\">Older homes can have many problems such as a leaky roof, a cracked foundation and drafty windows. The heating and cooling systems, electrical wiring and plumbing may also need to be updated. It may not have enough bathrooms for a modern family, or they may not have amenities that today\u2019s buyers expect. You may also discover health hazards, such as mold or asbestos, which can quickly become a costly fix.<\/p>\n<p style=\"text-align: justify;\"><strong>Know What You\u2019re Getting Into<\/strong><\/p>\n<p style=\"text-align: justify;\">You should always have a house inspected before making a purchase, but this is especially important when buying an old house that you intend to flip. Have a contractor you trust thoroughly inspect it, along with a professional home inspector, and make a list of necessary repairs to determine how much it may cost to fix the problems and flip the house.<\/p>\n<p style=\"text-align: justify;\">Even if a contractor and an inspector perform detailed inspections, there may be additional problems that go unnoticed. Home flippers often start tearing out walls to renovate and discover other problems that they couldn\u2019t have known about earlier. Expect the final renovations to cost up to 25% more than your initial estimate and be sure to build cost overruns into your budget at the outset.<\/p>\n<p style=\"text-align: justify;\">Plan to pay for permits and holding costs, or expenses while you\u2019re working on the house. These can include a mortgage, taxes, insurance, lawn care and snow removal. If work is delayed for some reason, your holding costs will grow, so be sure to plan seasonally and consider all risks.<\/p>\n<p style=\"text-align: justify;\"><strong>What to Fix and What to Leave Alone<\/strong><\/p>\n<p style=\"text-align: justify;\">Think about the needs of potential buyers. Focus on areas that families will use on a regular basis, such as the kitchen and bathrooms, and update as necessary. Make sure the house has enough electrical outlets to handle the many devices a family might use, and that they are safe.<\/p>\n<p style=\"text-align: justify;\">If the house has historic windows, replacing them could be a bad idea since it would detract from the house\u2019s charm. Sealing these windows, however, can make the house more energy efficient and appeal to budget-conscious buyers, all while maintaining its historic character. Keep other historic features that would attract buyers, such as crown molding and original flooring.<\/p>\n<p style=\"text-align: justify;\">Be careful not to go overboard when renovating an old house. If you fix it up so that it\u2019s worth more than others in the neighborhood, you may have trouble finding an interested buyer. Significantly increasing a house\u2019s value would lead to high property taxes that could discourage prospective buyers from considering it.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/blog.rismedia.com\/2021\/pros-cons-flipping-old-home\/\" target=\"_blank\" rel=\"noopener\">Pros and Cons : Flipping an Old Home<\/a> by Jameson Doris | RISMedia housecall<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Flipping houses has become popular in recent years, thanks to TV shows highlighting dramatic transformations and large profits. Whether it is a handyman\u2019s hobby or a contractor\u2019s livelihood, there are &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2021\/07\/flipping-an-old-home-what-to-fix-what-to-leave-alone\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-18209","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Flipping an Old Home? 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