I’ve been in the DIY space for a number of years now, and one thing I constantly hear people asking is if they should invest in “fixer upper” projects for either condo renovations or house renovations.
Today I wanted to tackle the topic and shed some light on my own opinions. With so many different “guru’s” teaching ways to get rich by flipping houses and condos, it’s important to stay grounded and assess the scenario properly.
Condo renovations are generally much easier than whole-house renovations, simply because of the size of the project. An individual Condo often takes up much less space, therefore, there’s generally less to worry about. This is not always true, and definitely depends on previous owners and other outside factors.
One great thing about condos is that a rental agency often takes over and rents out these spaces. This means that tenants do not need to pay for repairs themselves and are very likely to report problems to the rental agency. Any good rental agency will hire a contractor to fix the problems before they get worse. This means you can often expect for maintenance to be more up to date in a condo than a house.
Condos are also a much smaller project and a good way to get your foot in the door. If it’s your first time trying to flip property, I would highly recommend starting as small as you can, and working your way up from there.
It can be extremely surprising the amount of time it takes to flip a property. Some repairs take weeks and weeks of time, and if you have a full-time job there’s almost no way you’ll be able to get things done as quickly as you think.
Home renovations are generally big ticket sales, a good house flipping can easily make you over $100,000 is you do it right. With big money, there are big risks, and it’s important to keep this in mind before spending any money on a potential DIY house renovation project.
Make sure to have any property you’re thinking of buying THOROUGHLY inspected. The last thing you want is to buy a house for a few hundred thousand dollars, only to realize the foundation is cracked and quickly giving way.
Flipping property can definitely be lucrative, but it’s important to be patient and take your time. Start as small as possible and work your way up. Condos are a great way to get your foot in the game and determine if flipping property is right for you.