This Is How Much You Can Make Flipping a House
A new study just made us consider a career change.
Published Aug 5, 2019 5:14 PM
It takes guts to commit to taking on a fixer-upper, but it could be well worth it. Not only do you get your actual dream home at the end, complete with those built-in bookshelves you could never find in a turnkey house, but you could also turn a serious profit if you decide to sell—according to a new report, at least. Per WalletHub, the average gross home-flipping profit in quarter one of 2019 was $60,000. Time to break out the toolbelt.
But only if you know what you’re doing. The report also goes on to list the best and worst places to try your hand at a house flip, basing the findings on such factors as market potential, average remodeling costs in that area, and median salary. The top three cities? Sioux Falls, South Dakota; Missoula, Montana; and Rapid City, South Dakota. As for the worst, you might want to steer clear of Bridgeport, Connecticut and Yonkers, New York.
Once you’ve nailed down the right neighborhood and perhaps consulted a pro or two (sometimes even the most skillful DIY-ers need assistance with a sledgehammer), you’re good to go. Here are a couple budget-saving renovation tips to push you as close to that $60,000 profit as possible:
Repurpose What You Can
Sidra Gross revamped an entire Atlanta home for under $25,000, and her number-one tip concerns upcycling. Reuse what you can from the old space in new ways, like incorporating some of the house’s original wood for a custom banister or saving the bathroom’s charming hardware for new cabinets and sinks. This cuts down costs and helps retain some character.
Bring in the Light
One of architect Elizabeth Roberts’s go-to tactics for a gut reno: Nix a back wall to incorporate as much light as possible. A big stretch of windows makes a huge difference—especially if you’re revamping a smaller house. Plus, it’s a showstopping addition that’s guaranteed to up your home’s value.
See more renovation tips: This Home Is Proof That You Can Do a Gut Renovation for Under $25,000 Experts Share Their Top Tips for Budget-Friendly Renovation I’ve Renovated Over 30 Kitchens; This Is My Top Tip for Remodeling on a Budget