Developing a Solid Renovation Plan: 17 Key Steps for a Successful Home Flipping Project

Renovating a house is by no means an easy task. It takes some people years to finally get around to starting renovation projects after planning them. The reason for this is that they keep putting them off due to the stress that inevitably comes with them. However, they do not have to be as stressful as many people make them. As long as you meticulously plan your project you can ensure no nasty surprises come your way and that everything is organized the way it is supposed to be.

Renovations need to be conducted especially smoothly if your intention is to sell the property afterward. See, if you rack up huge bills and your project is delayed, you won’t make as much profit from its sale. By planning your project you can keep spending low and ensure that you make a lot of money for yourself when it comes time to sell it. You also need to think about the tastes of homebuyers rather than your own so that the renovations you make can match what is popular at the time you are selling.

This post will cover all of the above and more and help you to develop a renovation plan for a home flipping project:

Cleaning Up After Yourself

So you are planning on renovating a house that you own so that you can sell it? If the answer’s yes then you need to make sure that you prepare for a lot of cleaning! No matter how big or small your project is, construction debris gets absolutely everywhere. You can hire a dumpster so that you can clean up as you go or at the end of the project, hire a cleaning company. The former option is in all truth the better one. Waiting until the end to clean up means that your renovation site is going to be a disaster zone which puts people in danger and could cause injuries.

Planning Out Your Renovation

You need to think through and plan out your renovation. Do not make the mistake of adopting a casual attitude towards it. Every single step and stage of your renovation needs to be accounted for in your planning book. You also need to know exactly what you want done to your house. Construction workers are not interior designers and cannot act with autonomy. They will do whatever you tell them to, nothing more and nothing less. If you do not have a plan to present them with then they are not going to be able to help you with your project.

Hiring Professional Workers

As for actually hiring construction workers, you need to make sure that you hire professional ones. But what makes a construction worker professional, you might ask? A professional construction worker is one with good reviews and a strong reputation in your local community. You should always read a construction company’s reviews before you hire them just so you can be sure that their past clients are happy with the quality of their service and so you do not have to worry about hiring a so-called cowboy builder. Cowboy builders are very common and can ruin your project.

Consider Independent Renovations

Depending on the size of the renovations that you have planned, you could carry them out yourself. If you plan on doing this then you need to make sure that you meticulously plan and make certain that independent renovations are actually possible. Do not make the mistake of overestimating your skills and tricking yourself into thinking that you can perform work you simply cannot. If you are going to perform renovations alone then at least try and enlist some loved ones or friends so that you have help on-site. Even small renovations can be difficult to perform independently, especially without experience.

Popular Interior Design Styles

Going back to planning for a moment, make sure that when you are performing renovations you are designing your house in such a way that it is going to be appealing to buyers. If you redesign your house to look like a 1970s bachelor’s pad, for example, nobody is going to want to buy it. Right now minimalism is very popular. Building your house so that it conforms with the minimalist design style will likely make it more appealing and increase the chances of somebody wanting to buy it. Make sure that at various points in your renovation project, you stop and assess what has gone on so far and make sure that everything is going according to plan.

Ensuring You Have the Right Equipment

Independent renovations are not easy to perform. If you do not have the right equipment, it will be impossible. You need to make sure that you have all of the right gear. When you are performing renovations there are lots of different tools and industrial machines that are needed. Of course, depending on the size of your project you might not need industrial machinery. You will need tools though. You can either hire these yourself or you can outright buy them.

Getting Your House Insured

Renovation projects can and sometimes do go wrong. You can take out a special insurance policy that insures your house against any damages that occur during your project. By having this insurance, you will be able to get financial compensation, ensuring that you are able to continue your project and that the damages that have been made can be repaired. This kind of insurance is not cheap but you will only have to pay for it while your project is ongoing, so the faster it is wrapped up, the better. You can get this insurance if you are going to perform renovations or if somebody else is.

Time Projections and Estimates

The longer your project takes, the more money that it will cost. You need to remember this when you are preparing for your house’s renovations. Work out accurate time projections and estimates so that you can then budget. Until you know how long your project is going to take, you cannot create a budget. Make sure that you plan a little bit of extra time, too. Sometimes projects don’t go to plan so ensure that you account for a few extra months just in case anything goes wrong and further repairs or changes need to be made.

Work Out a Budget

As mentioned in the last section, once you have an estimate of how long your project is going to take, you can work out a budget. Until you have a time estimate a budget is impossible. Make sure that you are liberal when it comes to your budget, as in you are agreeable and understand that it might have to be stretched. Ensure that you dedicate enough money to your project. Err on the side of caution and ensure that your project has enough funding so that if anything goes wrong, things can be quickly resolved.

Take Out a Loan

If you do not have a lot of money (and house renovations can be very expensive) then you could take out a loan. Taking out a loan will give you a cash injection and help you to be able to fund your project without relying on handouts from loved ones or having to cut corners and take shortcuts. If you plan on taking out a loan then remember that not repaying it could destroy your credit score and get you into a lot of trouble, financially and legally. A loan is definitely something that you should consider taking out, as long as you can afford to repay it.

Have Realistic Expectations

Let’s be honest: very rarely do people go into home renovation projects with realistic expectations. Most people believe for one reason or another that their house is going to look a lot better than it actually is. If your expectations are too high then you won’t be satisfied with the finished project. Do not strive for interior design or architectural projection. Set realistic goals so that you can achieve them and so you do not have to worry about not fulfilling them. Make sure that you hire the best construction workers you can so your project goes to plan.

View Interior Design Magazines

If you are interested in renovating your home but do not have any ideas of your own then why not check out interior design magazines? Interior design magazines can be great places to turn when you’re looking for inspiration for your project. There is an abundance of interior design magazines available to view for free online. If you are not interested in doing one for free or to view more exclusive materials then you can subscribe to a dedicated magazine in print. Before signing up for an interior design magazine make sure that you conduct online research and determine whether or not there are suitable articles elsewhere. If there are articles that apply to the area you are interested in elsewhere on the Internet then it’s more sensible to view them for free than it is to pay for a print copy.

Perform Minor Renovations Yourself

Throughout this article, reference has been made to the undeniable fact that if you plan on performing renovations at home it is better to hire a contractor than it is to perform them yourself. However, there are some minor motivations that you can perform independently at home. Minor renovations such as repainting or fixing any broken skirting boards can help to increase your property’s value and ultimately add to the amount of profit you take away from the sale if you choose to sell later on. Alternatively, performing minor renovations will benefit you in that your house will be a nicer and more pleasant place to spend time.

Begin Viewings Early

If you are renovating a house, it is a good idea to start viewings as early as you possibly can. In other words, allow potential buyers to come and see the house when it is in the construction phase. You can actually get a graphic designer to create a 3D simulation of what your house is going to look like so that you can show people what the finished product will look like and they can begin placing bids immediately. Getting them interested as early as you can help you to make the most amount of money for your house and get rid of it quickly. Nobody wants to hold onto a renovation project for long after completion, so start viewings early and sell your house as quickly as you can.

Do Not Micromanage

If you do go ahead and hire a construction company, you need to make sure that you do not micromanage them. A lot of people make the mistake of standing over their construction workers’ shoulders’ and barking orders at them. Since you likely don’t have any experience in construction work there is no reason for you to be on site all day, every day. Instead, make sure that you are only present when they need to speak to you or if you are conducting cheques.

Help Where You Can

During the construction project, there are going to be times when the workers you have contracted might need your help with things. Make sure you are easily accessible so they can get in touch with you and ask for your help when they need it. Do not distance yourself from them. Distancing yourself from your workers will inevitably lead to them making mistakes or the project being stalled while they look for you.

Risk Assessment

At various points throughout your project, make sure that you stop and conduct risk assessments. Risk assessments can help you to get an idea of how your project is going and what could possibly go wrong with it. As mentioned earlier on, you should always budget for a little bit extra so that you can pay for any mistakes that are made or make any repairs. While you can get insurance and insurance can cover you for any damages or repairs, insurance usually pays after the fact.  You may need to pay for repairs out of your own pocket at the time so the project can continue moving along.

Home renovation projects can be a lot of stress. If you have one coming up, plan meticulously. Planning for your project can help you to ensure that all goes well with it. Not planning can be a big mistake. Follow and implement all of the guidance that has been given in this post so that your project goes smoothly.