Advice for First Time Flippers About Remodeling in NYC from Renovation Pro MyHome Design + Remodeling

NEW YORK, Oct. 4, 2019 /PRNewswire-PRWeb/ -- New York City is a real estate investment dream. There are so many unique neighborhoods and home styles to update. It would be safe to say the phenomenon of flipping homes in NYC has had its ups and downs. While renovating a fixer upper can be rewarding in so many ways, it is important to be prepared and knowledgeable so as to not contribute to any housing issues within your community.

MyHome Design + Remodeling is an expert resource in the process of home flipping and how to best manage the project for optimal results. When you're ready to flip your first house, you'll need a reliable general contractor on your team. That's when you call us. We handle everything from design to permits and materials storage to completed project --all with a 5 year warranty.

Before you take the big step on investing in fixer upper property in Manhattan, the MyHome team has some advice for you.

Tip #1 - Know Your Market

According to Forbes, you should stick to buying property in areas and neighborhoods with which you have familiarity. There are so many unknowns in fixing up homes, having knowledge of the kind of people that want to live there and the perks of the area are essential.

We've worked in hundreds of buildings in New York City. This means we have first-hand experience dealing with the permitting and building process.

Also keep in mind that most buyers are looking for an upgrade in space from a previous apartment or home. (Brick Underground) These buyers are purchasing due to recent life changes like a growing family. Purchasing a studio to flip will most likely result in too much money spent for little profit.

Tip #2 - Go Big, But Don't Go Crazy

There is no "cheap" way to take an outdated home and make it sparkle and shine again like new. You have to be willing to invest a significant amount of money into remodeling the space. This is especially true in New York City where prices for housing are higher than average. This means materials and labor are more expensive as well. Generally investors looking to flip a home are working with a $400,000 budget, and even at that amount, it is advised to renovate in the outer boroughs. (Brick Underground)

It is best going into a fixer upper project with the thought, "the more you put in, the more you get out." That being said, it is easy to get caught up in the process and splurge on things that do not really matter. There is no need to buy designer appliances that you could easily switch out for a quality made less expensive versions. (Forbes)

Tip #3 - Be Patient

The truth of the matter is, while home flipping is very popular on television, the time is not always right for a quick sell. And the longer it takes to sell the property, the higher your carrying costs will be.

The best sale prices will happen when the neighborhood starts to become popular and the market is trending. (Forbes) It is almost always the right time to begin a home flip as long as your timing expectations are in line with the current economic climate.

Tip #4 - Choose Wisely

Will you DIY or Hire a Contractor? Before jumping into your first home flip in NYC, carefully consider how much time you can dedicate to the project over the next year. A DIY flip is a full time job and there are some great options for saving time so it doesn't take over your life. There are some important questions to ask yourself before you get started. (MyHome Design + Remodeling) The first and most important being, who will design your project? To really save yourself some hassle, you will likely need to at least hire an architect if you have no formal training. A little bit of help goes a long way with a Do-It-Yourself home flip!

If you decide to hire a company to complete your renovation, make sure to avoid scams that will end up dragging your project out much longer than anticipated. A good rule of thumb is looking up the contractor with the Better Business Bureau. (MyHome Design + Remodeling) If the company bidding on your project is not listed, you will likely run into unexpected issues. A NYC home flip already has many obstacles, there is no reason to add more!

The MyHome Guarantee

Contact us when you are ready to start this investment adventure. MyHome has worked all over New York City and its surrounding neighborhoods so we can provide you with any insider tips you might need. The showroom at MyHome's NYC office has plenty of options for appliances, materials and more. The team at MyHome will be with you the entire length of the process from permits to touch ups, and then some, with our five year warranty.

SOURCE MyHome Design + Remodeling