3 Great Tips For Making a Profit on Your Properties | Rules of Renovation
Follow These Great Tips to Make a Profit on Your Properties
Not everyone has the know-how to be able to turn a mess of a house into a desirable property that can be sold for a profit. My passion for restoring and renovating houses has given me enough experience to come up with some great tips for anyone wanting to know my secrets to success. Today I’m offering you three of these tips to help you make the maximum profit out of your fixer-upper.
Buy Property During the Slow Season
You should certainly keep your eye on the market all year, but there are a couple of months that tend to be best for scoring a great deal on a house. Winter months are generally slow for real estate because of the cold weather and lull after the holidays. Because of the lack of competition during this time, homeowners are usually eager to accept lower bids than they usually would when they’re getting more offers. Take advantage of this time and shop at the beginning of the year to maximize profits.
Do It Yourself, Whenever Possible
Hiring help during a renovation can get expensive quick. Hence, I recommend doing as much of the dirty work yourself. As soon as you buy the house, make a checklist of what needs to be done and cross off anything you’re able to realistically do on your own.
However, with this I’ll add a caveat. If you find yourself in over your head on something and know you won’t be able to finish on time, I suggest getting some professionals on the scene to lend a helping hand. Yes, you can save a great deal of money by working on your own, but it will all be worthless if you don’t finish on deadline or don’t do a decent job.
Decide How Much Your Time is Worth
In the real estate world, the phrase “time is money” could never ring truer. Before you jump into your next project, make a timeline of how long the renovation could take and whether or not it will be worth your time. Ask yourself how soon you’ll need to make a profit and what income you’ll have to keep your business thriving. If there’s a job that seems like a great opportunity but might take a little longer, carefully weigh the pros and cons. Of course there are times when it will be worth it to spend a bit more time on a fun project that can bring in a lot of cash, but generally, you’ll want to be moving on from house to house as quickly as possible.
Overall, selling a renovation project for a profit will require you to hire more people than if it were a home you and your family planned to live in long-term. If you’re anything like me, you’ll find that you’ll take on certain houses because you’re excited about the potential, and others will be more about the profit. Just make sure you know what you’re getting into ahead of time, and be sure to hire contractors as needed to get the job done.
Attend Hillary Farr’s Rules of Renovation Seminars
With time, you’ll be a seasoned home renovator making an impressive profit on every project you dive into. If you’re looking for more tips and tricks to improve your house flipping business, attend Rules of Renovation Seminars. Learn more here.