The Marcus Group Blog

Purchasing houses for profits seems to have become all the rage. With multiple TV hosts showing you step by step how to succeed in such a plan, it is no wonder you are considering joining the ranks of ‘flippers’. Before you start the renovation however, you’ll want to ensure you have Florida home insurance in place. Many things can go wrong with renovations and with homes in general. Since you are the current owner, you will be responsible to take care of any problems that arise and having the proper coverage may help. Individuals who are new to flipping may benefit from the following advice.

• Do not try to do all the work yourself. Unless you are a trained plumber, electrician, and roofer, you may need to hire professionals to handle the more difficult jobs.
• Do not rush. Speeding through the remodel process can lead to mistakes, cutting corners, and a shabby appearance - none of that will get you top dollar.
• Be sure to carefully estimate the cost of renovations before you purchase the home – a home with major structural damage, or one that needs rewiring could cost you more than you intended to spend. It can be worthwhile having a professional inspection to identify major issues.

Flipping a house is not as easy as it may seem on TV. You’ll need a little determination and a lot of sweat equity – and money. Completing the renovation is not the end of the journey though. You still have to find a buyer at a price that makes you a reasonable profit after renovation, buying, and selling costs are taken into consideration. 

Are you ready to take out Florida home insurance and begin renovating? Call us for more information about risks and for a quote on coverage.

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