We all know that a house is one of the best assets to own if you’re trying to create a capital. And one of the best ways to get a return on the investment of a house is to flip it. For those unfamiliar, “flipping” a house is the practice of purchasing an old house, known as a “fixer-upper,” and renovating it so that it brings in a much higher price on the real estate market. For people with a love of hands-on work and a mind for interior design, house flipping can be a fulfilling and lucrative pastime.
But when it comes to renovating an old house, there is a critical budget question— what needs to be replaced, and what can be restored? You’ll want to carefully plan this out before starting renovations, poor planning can result in renovations going over budget and create a loss upon resale. To avoid this, let’s go over what needs to be replaced, and what can be restored.
Elements to Replace
Before you begin drawing up renovation plans, first do a full inspection of the house and take note if there is any damage caused by water or insects. Anything bearing insect or