How long does it take to flip a house is a common question. What is flipping after all? The name itself makes you think of something that’s quick and easy, like flipping a pancake.
A common question in the minds of all house flippers is the time it takes to flip a house. There is no definite answer to that as it varies from property to property. You have to account for the time taken at every house flipping process like buying a property, renovation, and putting it up on the market for sale. On average, you could say it takes somewhere around a few months.
Still, puzzled about how long does it take to flip a house? This article gives a realistic estimate of the same by providing a breakup of the entire timeline.
Buying the Property: 10 Days to 1 Month
Now, this can take anywhere between 5-10 days to a month, depending on the property. There is a lot of homework and research that goes into it. Researching the market rates, neighborhoods, etc. can take time. Also, the route you take to purchase the property matters.
Purchasing a property at an auction or through a realtor takes slightly longer as compared to buying it from a wholesaler. It is advisable not to rush through this stage and conduct thorough research before you seal the deal as this will determine the amount of profit you make. Having a team of mortgage lenders, bankers, real estate attorneys, and the broker makes the buying process smoother and faster.
Renovating the Property: 45-90 Days
Again the timeline here would vary depending on the amount of work needed. If it is just a fresh coat of paint or slight updating, it will take much less time than other repair work on the structure, electrical fittings, etc.
On the other hand, if the property needs a complete overhaul like HVAC fitting, plumbing work, roofing, etc., it may take anywhere between two to three months to complete the work. If you wonder,how long does it take to flip a house? That depends on the type of home in the end.
Putting it up for Sale: 2-3 months
Now, this is again a lengthy process. That’s because there are too many third-party entities. It involves taking photos, researching the market, listing the property on property sites, and hiring a real estate broker. Finding a buyer can take months.
No matter how streamlined your marketing, realizing the sale still takes time. Not everyone is a cash buyer. They will usually want to take out a loan. With the approvals and all paperwork, you can quickly expect to take at least a month or so before you are ready to seal it. Also, you need to see the property transfer papers.
You see, now that flipping a property takes time, but it is essential to tread carefully as even the slightest haste can ruin your profit margins. Analyze and assess at every stage. It will help if you did not rush through the flipping process, but you can still reduce it by planning and gathering your team together.
For instance, you can choose one real estate agent you wish to work with and use them to buy and sell your properties. You can even gather contractors to estimate repairs and carry out the entire work for you. Most seasoned flippers have their team of real estate agents, attorneys, contractors, bankers ready to help them through the flip.
................................................................................
Author: Lora Ray is a farmer of words in the field of creativity. She is an experienced independent content writer with a demonstrated history of working in the writing and editing industry. She is a multi-niche content chef who loves cooking new things.
