If you’re a big fan of house flipping tv shows, such as HGTV’s , 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 .
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