Home Renovations, Improvements Or Flipping Huntsville Alabama

Home Renovations, Improvements Or Flipping Huntsville Alabama

A recent post I wrote about my first real estate experience prompted me to write this for those in Huntsville Alabama or anywhere who are thinking about renovating a current home or purchasing a house with the intent to flip it.

HOME RENOVATION, FLIPPING

So you want to dive into home renovations of a current home or get in on the flipping bandwagon? With the allure of saving money by renovating your own home or cashing in on the flipping craze making some “easy” money, novice home owners and investors have been jumping in the real estate pool feet first only to find that real life doesn’t always follow the well scripted plan of the DIY television shows.  Hopefully the following will provide a little insight and guidance to the real estate wannabe. 

KNOW YOUR LIMITS

Before starting any project (depending on your skill level) you should have someone that you can call and consult with about your project.  Certainly a great option would also be to stop by your local home improvement store to ask all the questions you can about your project.  Personal experience suggests talking to one of the older staff members…just my opinion.

TV is good for entertainment and great getting ideas for your home, but unless you have a fair amount of experience at swinging a hammer and associated tools you simply don’t know all the obstacles you could encounter that will test your patience, knowledge, strength and endurance.  Old wiring, plumbing, failed septic systems, mold, termites, building code violations, foundation issues and landscape grading to name a few.   Perhaps the best plan of attack would be to pick a small project that can be finished in a reasonable time frame that would test your skill level, add to your confidence level, knowledge base and reveal if you even like doing the work.

TOOLS

The old adage “The right tool for the right job” is a pearl of wisdom!  You should know or ask which tool is best for your application as the right tool will save you lots of time, aggravation and provide a higher quality end result.  Tools can be very expensive especially if it’s for a “one time” use so you might consider renting or hiring a professional to complete a specific task.  Hiring a professional can introduce other issues relating to mechanics liens that you should be aware of.

PRACTICAL IMPROVEMENTS DO NOT OVER IMPROVE

Do not over improve your home with features that are not consistent with other homes in the neighborhood.  Up grading to granite counter tops, tile floors or gold plated fixtures in a community of modest homes where laminate flooring is standard will not contribute to the value of your home.   See what Bob Vila has to say about neighborhood appropriate renovations.   

LEGAL ISSUES

Before starting a project be sure to check with your homeowner association if applicable.  Building permits can be another stumbling block if required and not obtained, not all projects will require a permit so it’s best checking with the municipality first.  Here in the Huntsville Alabama area, codes vary from municipality to county as they do in other areas.

CONSULT AN APPRAISER OR REALTOR

Knowing what value that your contemplated improvements will add to your home is a must especially if you’re considering a flip or just upgrading your home for your personal preference.  Check out these home renovation tips from Bob Vila and to see what improvements give you the best bang for the buck.  If you're here in Huntsville Alabama I'd be glad to answer your questions. 

If you need a knowledgeable real estate professional in Madison or Huntsville Alabama area, why don't you let me Google that for you! I also know outstanding agents in all states and Canada should you need help relocating to a new area.

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