Buying older homes and fixer-uppers and then renovating them to sell at a profit has become a strong industry in the United States. Commonly called “house flipping,” this practice is common across the US and offers substantial benefits to those who do it correctly. Some people invest in real estate to rent it out and live off of their almost entirely passive income, while others prefer to buy houses, renovate them to increase property value, and then sell them for profit.
If you intend to get into house flipping as either a side project or main source of income, it’s vital to partner with the right contractor to do the work you need to turn a profit. You should know a few key tips for finding the best available contractors in your area.
Check References and Credentials
It’s never wise to work with or trust an unlicensed or inexperienced contractor with a house flipping renovation. Always look for references and referrals from friends and family members and do your research on potential contractors before signing any kind of contract. You should also ensure the contractor has the right type of professional insurance coverage to ensure you have peace of mind before beginning a project.
Investigate the Contractor’s Past Work
Take time to look into past projects the contractor has completed. Most construction companies will have galleries of completed projects on their websites, and you can also ask the contractor for specific examples of the type of work you need done.
It’s not a good idea to accept the first bid you receive for a house flipping renovation job. Ultimately, your goal is to make as much profit as possible, so this means maximizing profit margins while minimizing the expense sunk into your renovations. Try to gather bids from several top contractors and choose the most cost-effective option.
Peak Construction in Hudson Valley, NY offers a full range of residential construction and renovation services. If you plan on flipping a recently purchased fixer-upper, we can fully inspect the property and let you know what to expect from working with our team. Contact us today to learn more about our services.