New York City is a real estate investment dream. There are so many unique neighborhoods and home styles to update. It would be safe to say the phenomenon of flipping homes in NYC has had its ups and downs. While renovating a fixer upper can be rewarding in so many ways, it is important to be prepared and knowledgeable so as to not contribute to any housing issues within your community.
MyHome Design + Remodeling is an expert resource in the process of home flipping and how to best manage the project for optimal results. When you’re ready to flip your first house, you’ll need a reliable general contractor on your team. That’s when you call us. We handle everything from design to permits and materials storage to completed project –all with a 5 year warranty.
Before you take the big step on investing in fixer upper property in Manhattan, the MyHome team has some advice for you.
Tip #1 – Know Your Market
According to Forbes, you should stick to buying property in areas and neighborhoods with which you have familiarity. There are so many unknowns in fixing up homes, having knowledge of the kind of people that want to live there and the perks of the area are essential. MyHome has completed renovation projects in hundreds of buildings in New York City. This means we most likely have first-hand experience dealing with the permitting and building process in your building or area. Check out our recent projects gallery to see remodels completed in your neighborhood of interest.
Tip #2 – Go Big, But Don’t Go Crazy
There is no “cheap” way to take an outdated home and make it sparkle and shine again like new. You have to be willing to invest a significant amount of money into remodeling the space. Generally investors looking to flip a home are working with a $400,000 budget, and even at that amount, it is advised to renovate in the outer boroughs of NYC. (Brick Underground) With this being the case, it’s an easy mistake to start fixating on something too extravagant like dramatic, but unnecessary, light fixtures. Luckily, you can find all of your materials in one place at our state of the art showroom. The MyHome showroom has everything you need to make your project stand out, while our knowledgeable staff will guide you away from anything too “over the top.”
Tip #3 – Be Patient
The truth of the matter is, while home flipping is very popular on television, the time is not always right for a quick sell. And the longer it takes to sell the property, the higher your carrying costs will be. Try not to let the wait time deter you though! Use the time to really make your renovation project special. When you hire our team, we stick with you until the very end of your project, whether it takes a few months to a few years.
The best sale prices will happen when the neighborhood starts to become popular and the market is trending. (Forbes) It is almost always the right time to begin a home flip as long as your timing expectations are in line with the current economic climate.
Tip #4 – Choose Wisely
Will you DIY or Hire a Contractor? Before jumping into your first home flip in NYC, carefully consider how much time you can dedicate to the project over the next year. A DIY flip tends to be a full time job. There are some important questions to ask yourself before you get started. The first and most important being, who will design your project? To really save yourself some hassle, you will likely need to at least hire an architect if you have no formal training. A little bit of help goes a long way with a Do-It-Yourself home flip! MyHome conveniently employees personnel for every step of your home flipping project.
If you decide to hire a company to complete your renovation, there are a few steps to take to ensure you are working with quality professionals. It is essential to do your due diligence so that your project stays on track and you get the best return on your investment.
The MyHome Guarantee
Contact us when you are ready to start this investment adventure. MyHome has worked all over New York City and its surrounding neighborhoods so we can provide you with any insider tips you might need. The showroom at MyHome’s NYC office has plenty of options for appliances, materials and more. The team at MyHome will be with you the entire length of the process from permits to touch ups, and then some, with our five year warranty.