Even if you’re a pretty experienced house flipper you may make certain mistakes that result in major setbacks. Here are some pitfalls to avoid.
Not Setting Aside Money For Unexpected Expenses
It’s wise to create a cash reserve to cover unexpected costs, like replacing water-damaged floor joists, mold or asbestos remediation, termite extermination, or foundation repairs. You may also need to have cash set aside to cover additional mortgage payments in case your renovation runs over schedule.
Not Considering Quantity When Ordering Materials
Sounds weird, but here’s the deal. When ordering tile that you plan to use in more than one room (like the kitchen and bath), it’s best to place one large order instead of smaller orders at different times to avoid the risk of a particular style going out of stock, or even being discontinued. One large order can also make it so that you get less of a variance in the appearance of your tile, which can be especially helpful if it’s a material like marble, or other veined stone. You may also get a better price by purchasing larger quantities.
When it comes to tile and flooring it’s also wise to order a little more than you need. If you buy just the right amount and pieces somehow get broken or damaged during install, you may have to wait weeks for more. So consider ordering about 10 to 15 percent extra for tile and flooring.
Not Considering Flooring Inconsistencies
If you plan to change the layout of your flip, which is often the case in houses with rooms that are closed off from each other, you should consider how such changes affect your floors. If you plan on widening a doorway, or removing a wall, or reconfiguring kitchen cabinets be aware that there may not be flooring underneath those areas. If any of those spaces have hardwood floors it can be difficult to match missing planks.