Whether you’re an amateur flipper or a seasoned contractor diversifying his business and personal investments, flipping homes is a tricky area to work in. In the last year or so, Dallas and Fort Worth have even been in the news for the rising property prices that have eaten into flipping profits immensely.
However, that doesn’t mean there’s no room for Dallas flippers to get a good profit margin out of it. You just have to be careful about how you execute the project. We’ve created a definitive list of Dallas home flipping do’s and don’ts for you.
From how to understand the market to high-value changes like NFRC-rated wrought iron and steel doors in Dallas, this definitive list is your guide.
Do: Take Time to Study the Market
When you commit your time and money to a project like this, there’s no replacement for doing your research properly. Study the housing market, look at the most in-demand neighborhoods that sell at higher-than-average price points, figure out what kinds of homes sell the most to begin with.
This gives you some insight not only into which kind of property to buy, and where, but also how to plan the flip.
Don’t: Rush the Timeline
Even though this is a risky business and the more time you take to complete the project means more time for the market trends to change, you can’t finish something like this hurriedly. Here’s why.
With a house flip, you’re usually stripping a house down to bare bones and rebuilding it. This takes attention to detail which can take longer than you expect. If you try to hurry along the process, you will need to be involved and present onsite every day. Otherwise, it simply won’t work.
Don’t: Skimp on Statement Pieces
When you create a budget, you’ll be tempted to keep prices as low as possible. However, that could be your undoing. In a recession like this one, the people who were at the edge of the equation in homebuying purchasing power won’t be looking for houses at all. That’s why you need something extra to push the wealthy consumers in the market to buy this home.
Curb appeal can often play a huge role, so allocate a decent amount of resources for landscaping or an intricate wrought iron entry door. There are some unique options to go with here, like French iron doors or double wrought iron doors with a full arch.
Do: Add Energy-Efficiency Features
The one housing feature that adds coveted value in today’s market is energy efficiency. The reason is that the lawmakers seem to be pushing more and more to enact regulations that would require homeowners to invest in energy efficient mechanisms.
Depending on your budget, you can add features like energy-efficient aircon or eco-friendly thermostats. However, energy efficiency can even be as easy as installing NFRC-rated black steel windows and doors. The black steel windows and doors, as well as the wrought iron doors created by Pinky’s Iron Doors are an excellent option here.
With polyurethane foam, dual pane glass and rubber sweeps, these black steel windows and wrought iron doors in Dallas available via shipping are affordable while also offering variety in design. Pocket steel doors, steel French doors, industrial-style doors and steel sliding doors are just some of the types of doors they provide!