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Flipping Homes can be Profitable.

Home > Market News > Nancy’s Blog > Flipping Homes can be Profitable.

Buy, Renovate, Sell and make a huge Profit.

  • Photograph of Nancy Smith
  • Qualicum Beach REALTOR®
  • Published: Jun 2nd, 2020 at 9:26 am

For those people who have lived the experience of having a new home built, or lived in their home while trying to accomplish a significant renovation, the pain of renovating for profit is more severe.

To keep the interest and the attention of the viewer, each tv series always uses some form of conflict between characters. Often it will be the contractor with bad news and a hefty price tag, or maybe a disagreement about color choice. In the end however, the home looks awesome(on tv) and the clients are estatic.

Reality is quite different. To keep things simple, a short list of pitfalls will convey this message better,
1) inexperienced buyers will pay too much, in the wrong location with high expectations of value.
2) financing a project is expensive because renovation costs are always underestimated, as is the time to complete. Unexpected delays will always stretch the budget and the owner's patience.
3) tradesmen are never on time, complete on time and finish the work to expectations. This isn't to say the tradesmen are at fault, but often the homeowner has not prepared the site for each tradesperson, as organization is critical.
4) some flippers believe in their own skills and abilities, but often, when it comes to presentation, their skill level may not look or be up to professional standards.
5) often the fatal downfall of flippers, as they come close to finishing, they run out of time, money and patience, so all of the first-impression, important features the buyer expects, are not there.

This is not to say buying, flipping and making a profit is impossible, but taking on a half-million dollar project, without the necessary experience, is highly risky.

It is wise to pay attention to the information a REALTOR presents, and remember, a successful REALTOR's experience and opinion has value.

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