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It’s no secret that the faster you are able to renovate and sell your flip the higher the profit. However, you still need to architect a reasonable and realistic timeline that is as efficient as possible. As a potentially newer real estate investor, you may be inclined to trust and be reliant on your general contractor to give you an accurate time-frame to complete all of the renovations. However, often times, they may over-promise and under-deliver. This can happen because of a myriad of unplanned events that may arise.
Here are some Tips on making sure that your timeline is as efficient as possible and be aware of considerations that can affect your renovation timeline.
The devil is in the details…
Once you start planning the phases of your renovations, this is the time to pencil in a little extra padding to ensure that any errors may be caught along the way or allow some time for any surprises to be properly addressed. Plan out each phase of the project by considering the materials and tools needed for each step. Also, arrange the order in which you approach the stages by what must be completed first in order to move on to any next steps. For example, remodeling a shower in the bathroom, once demoed, you would need to frame and install the shower pan before you could tile the floor and rest of the shower. Include the time it will take to clean-up and check each renovation project. By methodically approac
hing each stage of the project this way, you can ensure that the steps are being properly carried out before any potential problems can go from quicker minor fixes to major problems and costlier timelier fixes. Adding this padding may seem like you’re just making a longer timeline, but it will increase the efficiency overall and likely cost you more time and money in the long run.
Size it up…
The size of the space being renovated will matter. It will likely require more time to install materials in a larger room. For example, a large kitchen renovation will require more time than a smaller kitchen. Definitely, take your square footage into account when adjusting your timeline.
Material world…
Depending on how high-end or budget friendly the design of your flip is, will also affect the availability of the materials you need. Some materials may need to be ordered or custom made and not necessarily readily available. Some materials may also be harder to find. Make sure you have an accurate assessment of when you will have your materials in hand for each stage of your fix & flip.
Cash is King…
Having the money to buy all of the materials you need and to pay for the work adds up quickly. Running out of money can make your renovation come to a screeching halt. Taking out a hard money loan can not only give you the financing you need but help you to do the sort of renovations that will not only increase the value of your property but help it to sell quickly. Pivotal Capital Group finances up to 100% of your rehab budget. Click here to research our loan types and see what may be right for your project.
In this case it’s definitely better to ask for permission first…
Not having all of the necessary permits in place can also delay your flip timeline. Make sure that you have done your homework and have obtained all of the required permits by checking both city and state renovation codes.
If you have any questions about financing your fix & flips visit our website and give us a call at (949) 535–1530.