As a novice house flipper, you probably learn something new with every decision you make, every mistake you encounter, and every flip you complete. Even house flipping experts continue to grapple with challenges and problems that feed their experience and expertise.
Whether you’re preparing for your first-ever flip or are searching for your umpteenth rehab project, one of the biggest things to be aware of is keeping your emotions in check throughout the entire process. Buying a home, even with the intent to renovate and resell, comes with much more emotional baggage than you might assume. Not only are you investing a substantial amount of money in the flip, but you’re also investing things like time and resources that can make the entire project an emotional rollercoaster.
By following these four tips, you can learn to properly prioritize your emotions during a flip and eliminate the feelings that negatively affect your decisions and actions throughout each project.
1. Emphasize Expenses
Instead of focusing on the emotional aspect of making a decision to buy a home, turn your focus to the finances and expenses to determine if the sale and projected flip costs are within your budget. Research financing options from various mortgage lenders and determine how you’ll pay for the house. You should also ensure your credit score is in good shape and work to pay down debt as much as possible before investing in a reno project. By keeping numbers at the forefront of your priorities, not only will you increase your chances of staying on track financially, but you’ll also be able to keep your emotions on the back burner.
2. Develop A Game Plan
When considering a reno buy, you should immediately develop a rough outline of what needs to happen in order for the process to go smoothly. Without having a gameplan going into the flip, you’ll risk the emotional stress of not knowing where to begin. Keep in mind the following consideration while making your project game plan:
- What permits will you need and when will you need them?
- What type of changes are DIY and which will require a professional?
- Is the property suitable for an addition or new structure?
- What is your timeline?
- How can you delegate tasks to stay on track throughout the process?
3. Have a Detailed Design Plan
Failing to have a detailed design plan will enhance emotional stress and affect how you make the decisions needed to move forward. Sit down before your project begins to think through all must-have items and create a clear picture of how you want your project to look. It’s also a wise idea to have backup options for design elements and architectural features so that if you need to make changes on the fly, you can do so without risking your budget or making spur-of-the moment decisions that don’t work well with your vision. Several instructional resources like Tarek and Christina Seminars can provide you with the knowledge and skills you need to develop design plans without being overly emotionally involved.
4. Make and Communicate Clear Expectations
Clear, consistent communication is one of the greatest ways you can keep your emotions and stress levels in check during rehab projects. Significant others, project partners, professionals, manufacturers, and contractors should all be people you regularly communicate with in order to ensure a smooth flip. Have regular meetings with leaders on your flip team, make notes about things you discuss, ask and answer questions, and track important dates. Staying organized and communicating openly will help you better juggle different parts of the flip, make smarter design choices, and save yourself emotional stress during home reno projects.