For house flippers each renovation project presents a different set of experiences and challenges, and even flippers who have several projects under their belts can make mistakes that result in major setbacks. Read carefully so you can avoid some of these pitfalls.
Not Planning a Budget
When setting your budget, if you rely on using estimations and ballpark figures you’re very likely to spend lots more than if you took time to plan out a more specific budget for each portion of your flip. Having a detailed budget can help you reallocate funds in case you want to spend a little extra somewhere in the project—perhaps on upgraded finishes, or fixtures. It can also help you set aside reserves to cover unexpected expenses.
Starting Before a Major Holiday
If your flip has a very tight schedule it’s not wise to begin your renovation near a major holiday. Although you may be able to order supplies ahead of a holiday slowdown, unforeseen renovation issues that may require change orders, returns, or other swift adjustments may see major delays during the holiday season, which can severely jeopardize your schedule and the target date for putting your flip on the market.
Not Pre-laying Tile With Heavy Veining
If you’re laying a heavily-veined tile, like marble or quartz, on a bathroom floor it’s wise to pre-lay the tiles to be sure that the overall finished pattern is pleasing to the eye. The same goes for using heavily-veined marble slabs for areas like kitchen backsplashes, or for kitchen islands with a waterfall edge. Make sure the veins flow the way you want before they’re installed.
Having to reinstall tile that has an unsatisfactory appearance can mean schedule delays, and increased costs if the tile has to be replaced.