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How to Flip a House in Kelowna

How to Flip a House in Kelowna

House flipping has become increasingly popular over the years, with many people fantasizing about the idea of purchasing a home, renovating it from top-to-bottom, then turning around and selling it for a profit. While the process of flipping a home is doable, there are lots of factors to take into consideration if you are wanting to attempt to flip a home yourself.

If you’re looking to flip a house in Kelowna, we’ve put together some steps to help you understand what house flipping entails so you can determine if it’s right for you.

Flipping a House in Kelowna: Research Your Ideal Real Estate Market

One of the most important things to consider if you’re planning on flipping a home is the real estate market. Not every market is going to be a good fit for flipping a house. If you only have a small amount of money to work with for your renovation, purchasing a more expensive property is likely not going to be the best decision.

Instead, look for homes that have a lower price tag in an up-and-coming neighbourhood. These homes will give you greater flexibility when it comes to your renovation budget and can often get you more bang for your buck. Plus, the fact that the neighbourhood is up-and-coming will often attract potential buyers who are looking to settle down in a less-established, expensive neighbourhood.

Contractor working on renovating home

Set a Budget & Create a Business Plan

Before you even begin looking at houses, it’s important to set a budget for your project. This budget isn’t just for purchasing a home; it should include the anticipated costs of everything from your initial investment to your anticipated renovation budget. It is also always a good idea to have some sort of emergency retainer set aside to help cover any surprise costs that may arise during the house flipping process. Having your financing in order is key before you even begin looking for homes to purchase.

Creating a plan is also important for understanding the scope of the project and knowing exactly what you will be doing during the renovation. If this is your first flip, it might be smart to find a house where you can focus on cosmetic upgrades rather than diving into a project that will require extensive structural work.

Network with Contractors

Building relationships with contractors is going to greatly benefit your house flipping experience, as your contractors are going to be the ones who bring your vision to life. You’ll want to start getting quotes right away so you can start to build a plan and form a timeline for your entire project.

Find a House to Flip

Finding a house flip is one of the most important steps of the entire house flipping process and having an outstanding realtor to help you with the process will make a world of difference. You’ll want to find a house that is below market value but has wide enough margins to cover your expenses.

Patience is the name of the game when it comes to finding a house to flip, and while it may be tempting to compromise, it is always best to stick to your initial plan. With patience, the right home will come around.

Worker installing countertops during house flip

Renovate Your House

Once you’ve purchased a home, it’s time to renovate! The key to the renovation stage of a house flip is timing – from day one you’re on the clock. The longer your renovation takes, the longer you will be on the hook for paying interest and other carrying costs on your property. Choosing your contractors well will help keep your project moving and will ensure that you have the ideal turnaround time for your entire renovation.

Sell Your Flipped House

After your renovation is complete, it’s time to sell! This part of the process will be largely handled by your realtor, so having someone you trust in your corner will make all the difference.

Learning how to flip a house and doing it for the first time can be stressful. Take advantage of being able to lean on other experts, such as your realtor and contractors, to help make the process as painless as possible. Research and preparation are key to helping you avoid mistakes!



Are you thinking about purchasing a house to flip in Kelowna? Work with one of our expert realtors to help get you started!