The truth about remodeling or flipping a home
Reality TV makes it look so easy, inexpensive, quick to fix and flip, many are finding out the hard way its not that simple or light on the bank account. Am I the only one that is noticing these networks are filled with BIGGER home renovations? Everyone loves to see the before and after, but the reality is these are HUGE projects with massive budgets that are out of reach for most of us. Let's be honest with ourselves, how many of you can drop $200,000.00 on a full home remodel? Possibly a handful can but most of us can barley afford a budget bathroom remodel.
The epidemic has happen thanks to house flipping TV shows. There are many aspiring new investors/home buyers out there, including my Uber driver, who are rushing to try their hand at it, after equipping themselves with a few episodes of a television series. Get that hammer out of your hand, take a real good look at the house you are potentially going to buy. Now ask yourself, do you have the finances to redo it? Does the electrical, and plumbing need to all be redone? If so there is $14,000 gone, now what do you have to do next? Want to move a wall? Lets talk permits, they cost money and someone has to pay for them. Also make sure you hire a licensed general contractor. Many do not realize there are a ton of steps in prepping the house for all of the bells and whistles (tile, lighting, fixtures etc.) This can be a costly venture, are you finically prepared?
One of the first things we notice about these TV shows is that the rough numbers shown at the end don’t always appear to factor in a lot of the costs. That means even in these silver screen scenarios, the actors are typically pocketing a lot less than they are made out to be. For example the networks do a home make over and say it was $30,000.00 but in reality the cost was closer to $75,000.00.
OK here’s the deal ladies, I love a big delicious home makeover just like a night out at the fanciest restaurant in town, but sometimes I like a hotdog too. Not a gourmet dog, just a regular $1.00 ballpark dog with all the nitrates in the world. I can’t eat foie gras everyday!