If you’re a big fan of house flipping tv shows, such as HGTV’s Home To Win, or you’re trying to flip a house yourself, make sure you tune in to today’s video. In this segment of The Marc and Mandy Show: Ask An Expert, Contractor and Building Expert Mike Holmes gives budgeting tips for flipping houses.
Q: What’s the most money I should spend when buying a house to flip it?
Mike Holmes: First of all, I hate the word “flip.” You want to renovate it right and then sell it right and document what you’ve done. Nonetheless, if you’re planning to flip a home, you can consider the following cost-related factors:
How much will it cost to acquire the home?
How much will it cost to repair or renovate the home, including labour costs?
How much will the carrying costs be? (For example: financing, property taxes, insurance, and utilities)
How much will it cost to market and sell the home?
For some expert advice for first time home flippers, check out HGTV’s Home To Win.
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