How to Save Money on Your Flipping Materials
Flipping houses can get quite expensive and there is a lot that goes into it that you don’t see on HGTV. Tarek and Christina show you a lot of budgetary talk, but they hide a lot of it as well. Especially when you first start out, it is going to be difficult to break some of the habits you have when it comes to your own house. Why would you buy floor tiling for $10 per square foot when you can find something that gives you the same look and feel for $3 per square foot? It’s simple math!
What you want to ensure is that when you are saving money you aren’t also cutting back on quality. Everything you do should be up to the highest standards possible or you will start to get a reputation that you might now want.
So how can you save a few dollars here and there? Here are some of the best insider tips:
1. Don’t Be Afraid of Big Name Stores
When you start thinking about discounts, you might automatically think, “Well then that rules out going to the Home Depot or Walmart for that item.” That isn’t true! You can get great supplies at big name stores like Walmart, Lowes, Home Depot, and even Costco. If you are looking for that perfect item, don’t skip them. National chains are more likely to have deals than smaller brands and they may have a wider selection.
Keep your eyes out for coupons, special sale days, and end-of-the-season sales for whatever you need during flips.
2. Look for Off the Shelf Bargains
“Off the shelf” goods can save you some serious money in the long run. Quite often these styles are basic and aren’t too over the top, but they are great for basic fixes and flips where you are on a tight budget. Most of the off the shelf goods still have high quality, you just can’t get them as customized as you might need.
You can also use off the shelf bargains if you need to fill in little spaces or you are missing a certain element from your current plan. You’ll have to weigh the pros and cons, but it can be a place where you can save thousands of dollars.
3. “Oops” Paint is Your Best Friend
If you learn one thing from those Rehab Addict marathons, it should be where to save money on paint. Nicole Curtis loves to frequent stores that make custom paint because they almost always have large quantities of “oops” paint where things didn’t go well. You can fine paint that would cost $50+ for around $15 if you look closely.
Just make sure you have enough to cover whatever you need or you could run into a problem. This is one of those items that you can purchase ahead of time as well. If you see a shade you like but you don’t have a place for it, consider it an investment into the future.
4. Make Friends
If you have friends in the neighborhoods where you flip, you are likely to get some deals here and there. Someone might scavenge a front door for you, someone else might give you all of the fixtures from their old dresser, and someone else could offer up the bulbs that they’ve dug up that they no longer want. Having friends in the right places can really help.
Even better, make friends with electricians, plumbers, painters, and real estate professionals who can help you out along the way.
Flipping houses can be extremely profitable if you know how to play the game – by saving money where you can and spending it where is necessary.