If you’re in the business of flipping houses, minimizing costs in order to maximize profits is the name of the game.
Every dollar you save on remodeling supplies is a dollar in your pocket after the house has been flipped and is eventually sold.
While this knowledge is House Flipping 101, you’ll often find that the most successful flippers don’t simply pinch every penny and go cheap with every purchase. That line of thinking can leave you with a subpar product, meaning you’re getting a subpar return on your investment. Even worse, you may struggle to sell the house at all.
The best way to keep costs down while still increasing a house’s value is to get clever about your spending.
Here are a few shrewd moves for house flippers to save money on remodeling supplies and make the most out of their hard work and considerable monetary investment.
5 Ways House Flippers Can Save Money on Remodeling Supplies
1. Ask for Overstocked and Remnant Materials
Some renovators are highly specific about the materials they need, but for house flippers looking to save money on remodeling supplies that doesn’t need to be the case. You have an essentially blank canvas to work with, and you can afford to adjust your renovations to what you have available to you.
Supply stores often have a bunch of overstocked materials lying in storage that won’t see the light of day unless someone like you asks about them. Once you’ve found the specific building material you’d like to use, ask the manager about anything similar that happens to be overstocked. The aesthetic difference will likely be small, but the price difference can be huge.
You can also find significantly discounted countertops, carpets, and other remnant materials that weren’t put to use because of small issues that you’ll be able to work around if you’re willing to think outside of the box. Small dents, scuffs, or slightly inaccurate measurements may be an inconvenience, but when you see the price tag, you’ll likely find a way to make it work.
2. Consider Using “Oops Paint”
You can get a significant discount on paint that was mixed incorrectly, resulting in a color mismatch for the original customer. This product is usually referred to as “oops paint,” and you can find it on the shelves of your local home improvement store. Consider what they have available before you purchase anything for full price.
Don’t worry if there’s only one bucket of the color you like. You can have them mix up as many gallons as you like at the regular price. Of course, it’s best to look for several cans of the same oops paint whenever possible, but anywhere you can save a buck is going to help you out in the long run.
3. Look for Scratch and Dent Appliances
You’d be surprised what constitutes an unsellable appliance to some retailers. That’s why scratch and dent stores can be heaven for house flippers looking to save money on remodeling supplies. Check one out before paying full price for any appliance. They offer incredibly deep discounts on slightly damaged goods that can be practically indistinguishable from a new appliance with just a little ingenuity and TLC.
You may also be able to find these items at your local Home Depot or Lowe's at big discounts, but these are harder to find as they aren't listed online and can only be found by chance in some stores.
4. Get the Right Sized Dumpster
You’re going to have a lot of debris to get rid of before you can turn the house you're flipping into something worth selling. Don’t make the mistake of paying to have your dumpster hauled away over and over again when you can rent one big enough to hold all the remodeling refuse you’re going to produce.
This means making a careful size estimate from what you believe the dumpster is going to contain, which may take a bit of trial and error, but as long as you don’t go way too small, or way too big, you’ll wind up saving a fair chunk of change in the end.
5. Get Crafty with the Landscaping
Just because it’s called "house flipping" doesn’t mean you should ignore the yard. After all, the first thing any prospective home buyer sees in photos, driving by or upon arriving at an open house is the front lawn. Of course, that’s just another added expense isn’t it?
It doesn’t have to be. A few well-placed plants and some fresh mulch are all you really need to beautify a yard.
Shop around a bit for some cheap plants and then talk to your city to see if they offer free mulch. Many do, and if not, you can always see if a big box store has any bags of mulch that were ripped. If they do, they’ll usually sell them to you at a meaningful discount-- after the holes have been patched up with tape, of course.
Get $5,000 on Your Next Home Purchase with SimpleShowing
If you’re in the business of flipping houses, your main goal is to minimize your costs and grow your profits. Not only are there opportunities to save money when you are purchasing remodeling supplies, but you can also save thousands on the actual purchase of the property by working with a low commission real estate agent.
Typical buyer's agents charge 3% and give you nothing more than a bottle of champagne at closing.
At SimpleShowing, our dedicated real estate agents provide full support throughout your purchase and give you $5,000 on average towards your closing costs or as a check at closing.
To learn how you can get this credit and save thousands on your next flip, contact us today.