Buying an old property on a good sized chunk of land in an area that is already developed or developing can be a great way to get into the neighborhood of your dreams. The best part is that you don’t need to stay in the house you buy, either. Tearing down the existing home and building a new one from scratch can help you enjoy a property that could sell for millions, in the hundreds of thousands.
It isn’t easy, and it does require a lot of planning, permission and time, but if you are willing to build your dream home, then you can have the property of your dreams. Keep yourself organized and your project on schedule with this guide to a complete house flip:
Find a Great House Plan
The first step is to find or have a house design created. You will need to ensure that it will fit easily within your property size and that there are no issues on your plot of land that you will need to contend with — but these can be easily determined with a simple survey.
Once you get the go ahead, you can start to bring any of these great small house plans to life. Customize them to match your lifestyle, tweak the design to make it suit your tastes, and hire a contractor to see it come to life. Building a home can be much more cost-effective than you think, and is typically cheaper than buying your dream house outright.
Find a Place to Live
If you have purchased a property for it to be flipped, then you will need to have a secondary base of operations. This can be your old house; it could be a relative, or it could be a cheap rental nearby.
Hire the Right Team
When it comes to the actual construction, the contractor and their employees will handle everything. They’ll come to you for approval for certain items of course, but the build, the sourcing of materials, and the hiring of sub-contractors is often entirely managed by the Head Contractor. You therefore need to hire the right person for the job. Vet through your options carefully before you do a complete house flip. Be sure to see previous homes they have worked on, and even get in touch with those homeowners to hear their recommendations first hand. A great contractor can make your home projects dreams come true. A bad one can make your house flip into a nightmare.
Look for Inspiration Yourself
Finally, if you want your new home to speak to you then you won’t want to stop there. You’ll have a fair bit of time while the foundation and skeleton of your home is being built, so look online for design options. Try to narrow your options to ones nearby to save on transportation, and then show the companies and the designs you like best. Your contractor will then get in touch, provide you with the cost estimate and invoice, and you can have this unique feature in your home once it’s finished. It’s a lot of work, but you’ll be glad you did a complete house flip!