Flipping houses is a full-time job for some people. There are professionals who travel across America to teach individuals how to flip homes for a living. But, in order to earn a livable wage flipping homes, there are really only a few things you need to know. You should educate yourself on the housing market in your region and learn how to tell both the current value and potential value of a home. In addition to understanding the financial aspect, you also need to know how to renovate a house.
Planning and Foundations
A full house renovation requires thorough planning. The budget, timeline, and contractors will all need to be addressed and set up prior to the start of renovations. You will also want to verify whether or not a permit is needed for your project. This varies from location to location.
The first major renovations should be to the structure of the house. Any electrical, plumbing, siding, windows, or foundational issues should be addressed first. Fixing the problems later will require tearing into the completed renovations.
Once the budget and timeline are decided, contractors are hired and briefed on the project, and the foundational work is complete, demolition can begin. Lease a large dumpster for the debris and begin tearing out all of the home’s components that you do not need or want. This includes appliances, flooring, unnecessary walls, and cabinets. Get rid of anything that you do not need. This allows you to work with a clean and clear space.
Walls and Floors
The walls and floors are the first installations. Begin by setting up the framework and insulating walls, then place the drywall. Once the walls are up, you should paint, wallpaper, or tile them. The walls should be completely finished prior to the installation of the floors. This ensures that the floors do not get scuffed, painted, or dirty. Once they are complete, place your hardwood, tiles, or carpet down next.
Light fixtures can be installed after the walls and floors. The only time this would be an issue is if there was not a pre-existing light fixture. If you are installing a fixture in a new area, you may want to group the installation with the foundational phase as it will likely require an electrician to install new wiring.
Appliances and Cabinets
Following the walls and floors are the home’s appliances and cabinets. Bathroom, Kitchen, and any ‘built-in’ cabinets should be installed next. Directly followed by the home’s appliances. This includes electric fireplaces, washers, dryers, refrigerators, stoves, and dishwashers. Once this step is completed, your renovations are finished.