People assume that fixing up an old house is all fun and games. We see the flip shows on television and it seems so easy. Those are people with lots of money and resources, but when you have none of that, you are on your own to create a masterpiece out of a disaster.
The key to flipping a house is what is in your bank account as well as hard work, effort, and lots of help from friends and people in the know.
Trust me, hardwood floors are a pain in the backside to refinish. The hours spent inhaling fumes from taking all the years of wax and stain off of them is not only toxic, it’s tough. Spending hours a day on your hands and knees scraping wax with paint thinner and a putty knife is not the most fun thing to engage in. Then comes the easy part: sanding. Renting a large sander is the way to go as it gets the job done but one can’t forget the the teeny-tiny corners, especially in closets. Then comes the staining and sealer fun. It’s a fulfilling job but it takes many hours of time and effort, which not many of us have time for.
Many old homes have walls that are covered in ’70s paneling. The cool thing back in the day was all fake wood, so you can either paint over it or remove it. I removed it and the plaster underneath was already shattered. Plaster walls are a beautiful thing but difficult to replace. The point is to replace what was in place in the first place for a period home…yet it isn’t always that easy.
Spending more to fix the property to replace what needs done than what the actual value is worth is a bad decision. I did this with my grandmother’s old home and the amount of construction costs was quite disastrous to my wallet. A small 1920’s bungalow that is not kept up, with many changes over the years results in a huge mess if the means aren’t available to return it back to its former glory.
I had to make the decision to walk away from flipping my grandmother’s home. I wanted to restore it to its original amazing self but with the increasing costs of labor and my lack of funds, it wasn’t going to come to fruition. I still think about the lovely ’20s bathroom tile and retro fencing. Sometimes flips aren’t worth it, no matter the emotion factor.