When flipping a property, it’s essential to determine how long you foresee that flip taking. It is important to note that some flips will take longer than others, based on the amount of work that has to get done to the property. However, having a timeline can help keep you on track to ensure that the project stays on target is always a wise strategy.
The following are some great tips to help you create a timeline for your flip and to ensure that things stay on schedule throughout your renovation:
Determine What the Homes Needs to Complete Your Flip:
The state of the home when you buy it will have a lot to do with how long it will take to complete a flip of the property. Determining what the property needs to flip it will help you figure out how long completing all of those tasks should take.
Write It Down:
Getting a list of what tasks need to be completed and writing them each down with a tentative deadline will help you visualize exactly how long you need to allow to complete each task. Writing it all down and adding up the time (whether measured in days or weeks) will help you determine how long your flip will take.
Schedule People to Do the Work:
For any tasks that you plan to hire professionals to do, this is the time to call and schedule people to come out and do the work. Scheduling all of the work that needs to get done ahead of time allows you to ensure that something is always getting done at the property. If you can’t get the electrician to come one day, maybe the people doing the kitchen can begin their cabinet work early. This scheduling strategy ensures that something is always getting done and helps you limit the amount of downtime you already have.
Schedule a Couple Days of “Wiggle Room”:
Something is bound to come up with each flip that eats up a couple of days you didn’t plan for. Planning 2-3 days of “wiggle room” into your renovation can help you ensure that your project stays close to on time as possible.
Keep Revisiting the Timeline:
Continually revisit your written timeline to update it and ensure that you are staying on track. Time is money when you’re flipping homes, so it’s essential that you follow the timeline set forth from the beginning. While events can happen that will cause deadlines to have to be altered, sticking with the original schedule closely as possible is key to helping you maximize your profit so that you can get on to your next flip.
Hold Each Other Accountable:
If you are flipping a property and have other partners in the investment, holding each other accountable is critical. Whatever work your team is doing on their own needs to continue to stay on schedule. Everyone needs to follow through on their part of the deal and be aware of their responsibilities. If everyone isn’t working together, that leaves more opportunities for things to fall behind and for the renovation to fall off course.
Prepare For the Unexpected:
There will almost always be something that comes up that you don’t expect when you are doing a flip. Planning for those unexpected moments can help you keep yourself on track without derailing your flip progress.
Never Skip a Final Inspection or Getting a True Market Value on Your home:
Remember, once your renovation gets done that you never want to skip a final inspection on the property. That final inspection ensures your buyer’s safety when they move in, and few buyers will place a bid on a home that has not gotten thoroughly inspected after the renovation work got done.
Finally, having a true market value assessed to you by a certified real estate agent can help you ensure that you are getting the money your home is worth. It also helps you make sure you are not overvaluing your home and it may sit on the market far too long and cost you more money. Getting a market value for your home lets you know what it is truly worth.
Understand that most flips take 8 to 12 weeks before they are ready to go on the market. It depends on the condition of the home you have purchased and the number of renovations that have to go into the property for it to be ready to put back on the market. Flipping is not an overnight process and it requires patience to get the project done right.
Setting up reasonable timelines and goals for your flip will help you ensure that your project is getting done right.
Conclusions:
Sticking to a timeline can help you ensure that you get the project done on time without neglecting the details of your flip, which can cause more headaches later on. Doing the flip right the first time on a schedule can help you maximize your profit and minimize the time the flip takes to get complete.