We officially closed on the first flip project of 2020. Being patient was the key when it came to purchasing this home. For several years, I have found the best time of the year to purchase homes is between November and the end of the year. There are so many other activities going on; sellers tend to be motivated as well.
This purchase was one where I initially looked at the house just a couple of days after it was listed. The comments for the listing stated it was an estate. The house had been in the same family for more than 50 years.
With the price and the photos, I could tell before I walked through the house that the project was going to need a significant renovation budget. The house is a 1 ½ story with a white exterior siding and a two-car garage. The interior was three levels with each level needing some repair or renovation.
Overall plan for the project:
- Replace all the windows
- Install new HVAC systems and ductwork throughout
- Demo and change the layout of the main floor bathroom
- Finish the upper level to accommodate a master bedroom, bathroom, and closet
- Demo and re-configure the kitchen
- Demo and re-configure the lower level to include a family room, office, bathroom, and laundry room
- Add drain tile to the lower level
- Open the wall between the kitchen and dining area
- Open the wall between the dining room and the hallway
- Paint and flooring throughout (carpet and hardwood flooring)
Additional Items Include:
Existing covered area outside the back door will be converted to a mudroom (budget allowing)
We are looking to add a fence. The house is on a corner lot and there is an existing fence. We may be able to salvage that but with the current season, we are unable to confirm.
Sounds fairly simple, right?
As far as timelines go, this project is estimated to be 16 weeks. The size of the house and the scope of the work are fairly standard with our other projects.
Initial estimates for the renovation and subcontractor work are:
- $10,000 for plumbing
- $12,000 for electrical
- $10,000 for HVAC
- $4,000 for drain tile installation
- $65,000 for general construction needs (interior, exterior, tile, demo, sheetrock, trim, painting)
- $25,000 for kitchen materials, bath materials, lighting, doors
- 6,000 for flooring and carpet
The contractors walked through the property last week so we should be reviewing bids this week. The timing of this purchase this project was a bit different. The seller lives out of state and after the offer was accepted, we were unable to get into the property for a couple of weeks, delaying the bid process. We accommodated her schedule for closing because she had to travel by air to attend.
Check back in as we review the bids and begin demo shortly. In the meantime, check out the initial video from my first walkthrough by clicking HERE.
Want to buy a property and renovate it?
Looking to buy a house to renovate? Check out the fixer upper checklist to help you find the house with the most “flip” potential.
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