Flipping houses and garage renovation has become so popular that you practically can’t turn on the TV without seeing a show about real estate speculators renovating questionable homes into incredible houses that sell for major dollars. Renovations often turn huge profits, and the San Diego market is certainly a place to make some real money on real estate.
However, it is not as simple as they make it look on TV.
Let’s start with the basics. House-flipping is buying a property (often, a distressed one), keeping it for a short time (and renovating), and then selling it for a profit (the flipping part). This isn’t about finding a forever home; this is about a short-term investment.
A word of caution: flipping houses means repairs and renovations—a lot of it.
For the purposes of this article, we’ll be restricting concerns to the garage renovations. Alright, let’s dive in and talk about renovating garages, garage cabinets, and flipping houses in San Diego.
The Pros and Cons of Flipping a House in San Diego
There are plenty of folks who make a lot of money flipping houses, but those who do so know the risks and rewards, and how to mitigate each. Let’s look at a little of both in each column:
Pros:
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- Profit, profit, and more profit. There is gold in the hills. The profit on most flipped houses is in the tens of thousands. Obviously, results vary depending on the final sale price, but there is money to be made. Renovating the garage is a great way to set a home apart and attract a potential buyer.
- Career Trajectory. Whether you are interested in a side hustle or a new full-time job, the earnings available are substantial depending on the number of houses flipped. If you want to make some money on the side, then you can certainly do that; however, if you want to leverage house-flipping into a longer-term career, then you can (if you put in the work).
- Community Improvement. If you are a bit more community-minded, then it’s useful to think about flipping houses as a way of improving neighborhoods where distressed properties are dragging prices down in the area or are making for unsafe environments for neighborhood families. Never hurts to have goals loftier than turning a profit.
Cons:
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- A (potentially) huge financial risk. Uncertainty in the market breeds risk. You’re investing time and money into buying a home, renovating, and then flipping it, so risk is certainly a mitigating factor.
- The houses have problems. The homes you purchase with the intent to flip often have significant problems, and could result in a huge investment on your part to bring the homes to code.
- The legality of it all. This is probably the most overlooked potential problem, as failing to have a clear title or other legal missteps can result in not only financial issues, but legal ones as well.
- Slow to sell. If you’re getting into flipping houses to make money fast, then I have some bad news for you. Sometimes, houses are slow to sell, with some taking months or years.
So how do you get started flipping houses in San Diego, and what does this have to do with renovating garages? Simply put, the garage is almost always the least cared-for room of the house (with many people not even considering it a room). With an intent on flipping a house by increasing its value, starting in the garage is an easy win. Garage cabinets, custom or otherwise, are a simple addition that makes the space better.
So how can I be successful flipping houses in San Diego?
It’s important to understand what you should and shouldn’t do. For starters, it’s important to set a budget with which you will finance the project. When considering custom garage cabinets or epoxy flooring, you need to know how much it costs, and therefore how much you can spend. In line with your budget should be the timeline for the garage renovation and how you are going to complete it.
Will you do it yourself, or use contractors?
The most common house-flipping mistakes are simply not having enough money (hence, the importance of a budget) and imagining that the process is easy. Add to this not hiring the right kind of people to complete the job (including doing it yourself when you don’t have the aptitude) and trying to shoehorn a time-intensive renovation project into a side hustle.
Garage Cabinets, Your Garage, and House-Flipping in San Diego
House-flipping in San Diego is something to be undertaken lightly. Despite the square footage of the home, you can almost guarantee that the garage is woefully underutilized. Garage cabinets are a powerful tool in helping elevate the worth of a renovated home.
Often, people renovate their personal garage for decluttering purposes. However, when you are buying and flipping home, you’re not just worried about finding a home for kayaks and holiday decorations.
Epoxy flooring, garage cabinets, and optimizing cleaning and wall space is perfect for turning a place to park your car into something that could be the reason why someone decides to purchase a home.
Fortunately (or unfortunately, if you have difficulty making decisions), there are a lot of options. During the budget phase of your house-flipping journey, you’ll want to know which kind of garage cabinets benefit your renovation goal. Free-standing garage cabinets are the simplest of the bunch, while a complete garage storage system is the most expensive (but most aesthetically pleasing).
In the end, choosing the right options for your renovations comes down to you. If you want some professional help with customized garage cabinets, epoxy flooring, or other customized garage work for your house-flipping endeavors, contact us today!
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