If you're thinking about purchasing a property that requires significant work, it might seem like a wise investment to buy it at a lower price and sell it at a higher one later.
However, it's crucial to be cautious when flipping homes. There are many factors to consider, such as the amount of work needed, the time frame, demolition and dumpsters, carrying costs, expensive supplies and labor, and the projected profit margin.
Additionally, it would help if you predicted the market conditions when you plan to sell the property. As a contractor, you may have more insight and knowledge regarding the project's time and cost.
However, if you're a buyer seeking an affordable house, you must take extra care. Ensure that the floor plan is practical and the major systems, such as the roof, heating, air conditioning, foundation, sewer lines, and drainage, are in good condition. Consider your financial situation and limitations before embarking on a home rehab project. Do you have deep pockets or need to keep track of every dollar?
Finally, what advice would you give someone contemplating a home rehab project?
Is Now The Time To Rehab?
Thinking about selling a home
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