Flipping a house can be super exciting. But it can also be a major wallet drainer. Make sure you’re prepared for all the costs before you sign the paperwork on a fixer-upper by accounting for these expenses:
1. Purchase Price of Fix & Flip Property: This is the original sticker cost that you close on when you buy the property. But it’s just one part of the picture!
2. Cost to Rehab a House: This is where you’ll spend a big chunk of your budget, and it includes the fun cosmetic upgrades as well as any structural or systems upgrades the house needs. Make sure to plan for unexpected costs here because they’re sure to pop up.
3. Carrying Costs to Flip a House: You still have to pay the monthly taxes, utilities, and insurance even when you’re flipping a house.
4. Fix & Flip Marketing & Sales Costs: Flipping a house means that you plan to sell it after you remodel. So you have to factor in the costs associated with selling the home, including real estate agent commissions.
If you’re ready to get flipping, send me a message. I have my eyes on several properties that would be just perfect to flip right now!
How Much Does It Cost To Flip A House?
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