1 Purchase price To make the flip a success, know the market value of the property you want to buy and what you can you afford to pay for it and the renovation.
2 Scope of works Be clear about the work that needs to be completed to achieve your sale price – of course, this may need reworking several times to optimise your outcome.
3 Cost of works Are you hiring trades or a builder? You’ll need to decide who is doing the work and plan your delivery process. Then you can make appropriate allowances and ensure you allow a contingency.
4 Holding costs Often forgotten, there are always costs associated with holding property, so make sure you include bank fees, rates and other charges.
5 Professional fees Most…
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Inside Out (Digital) - 1 Issue, July 2022