Category: Informational

Introduction – Our guide to boosting your resale value

 

The home is the biggest purchase most of us will ever make. It’s also where we live, play, and (for some of us) work. So it makes sense that many homeowners want to upgrade their homes for comfort, convenience, or enjoyment. Take stock of what might be holding back your property from achieving its full potential in terms of boosting resale value—because if you fix up these areas first, you’ll see a dramatic return on your investment. During the pandemic, homeowners spent $420 billion dollars on home renovation projects and 60% of NARI
members cited that the scale of the projects increased either in a larger project or remodeling more than one room due to the pandemic.

 

1. Refinish hardwood floors

If you’re looking for a home renovation project that will boost the resale value of your home, look no further than hardwood floors. Refinishing your old hardwood floors is a simple and cost-effective way to give each room in your house an instant facelift.

According to the National Association of REALTORS® 2022 Remodeling Impact Report, replacing old hardwood floors can return 147% on investment (ROI)! With such incredible returns on investment, it’s no wonder homeowners are choosing this project as one of their top priorities when they plan renovations for their homes.

2. New wood flooring

New wood flooring is a smart investment in your home’s resale value. It’s durable and can last decades, not to mention easy to clean and maintain. This can be seen as a positive for potential buyers who are looking at the property as an investment, or for those who wish to live in it for years after purchasing it.

On average, new wood floors increase the value of a home by 118%. Sometimes this figure goes even higher: one study found that homes with hardwood floors were worth an additional $9 per square foot on average (compared with carpeted homes), which translates into over $12k if you’re selling your house today!

3. Upgrade insulation

As a homeowner, you’re likely already aware that upgrading your home’s insulation is one of the most cost-effective ways to lower energy costs. It’s also one of the easiest ways to create an airtight building envelope and reduce heat loss through windows and walls.

In general, it takes a lot of energy to heat or cool your house—about 20 percent of your utility bill goes toward heating alone. If you have an older home with leaky windows and doors, chances are good that much more than 20 percent is escaping through holes in the walls. In fact, if you’re losing 25 percent or more of your heat through poor insulation levels in the attic or basement (or both), it could be costing you thousands per year!

Boost your home’s resale value by making minor upgrades today!

Home improvement projects like roof replacement, upgrading insulation, or refinishing your flooring, will ensure that when you’re ready to sell, you’re getting a good return on your investment. Click on your state to get started.

Linoleum flooring has been around for a long time. It was invented in the mid-1800s, and it is still popular today. Linoleum has many benefits, including its eco-friendly nature and easy maintenance. However, there are some downsides to linoleum flooring that you should be aware of before making a purchase.

Pros Of Linoleum Flooring

• Cost: It is a cost-effective alternative to other types of flooring. It comes in many different styles and colors, so you have lots of options to choose from.
• Installation: Linoleum flooring can be easy to install yourself with basic tools and some patience. With larger jobs, you’ll most likely need to hire a professional to save you time and stress.
• Durability: Since they are solid material (rather than being glued or nailed down), they can last a long time even with heavy use over time because there’s no worry about splitting wood underneath the surface as there would be with laminate wood floors or parquet tiles which use glue underlayments on top of subfloors/substrates instead of attaching directly into them like laminates do (see our blog post “Parquet Vs Laminate”).

Cons Of Linoleum Flooring

Linoleum flooring isn’t perfect. It has some disadvantages to consider before you decide to install it in your home or business. One issue is the durability compared to other flooring materials like tile or hardwood. While it can last a long time if taken care of properly, it doesn’t hold up as well under heavy foot traffic and is more likely to stain than other options.

In addition, some low-priced versions may have poor quality control or manufacturing defects that make them vulnerable to damage during installation or normal use over time. Finally, there are certain situations where a contractor might recommend against using linoleum—for instance, in areas where there will be excessive moisture exposure (such as near a kitchen sink) or large amounts of sunlight throughout the day (such as sunrooms). If you have any doubts about whether this type would work well for your space, talk with an expert before making your decision!

Linoleum flooring is a great choice if you want a durable floor in your home that is easy to maintain.

Linoleum flooring is a great choice if you want an eco-friendly floor in your home that is easy to maintain. It’s also inexpensive, so you can easily replace it if it gets damaged.

Conclusion

Linoleum flooring is a great choice if you want an eco-friendly floor in your home that is easy to maintain. It’s also fairly easy to install and doesn’t require any adhesives or nails for installation. This means there are fewer holes in the floor when you’re done!

If you’re a homeowner, then you know how important trees are in the landscape. They can provide shade and curb appeal, but they also serve as an essential part of the ecosystem. However, if they aren’t cared for properly they can become a liability and even lead to structural damage on your property. Here are some tree care tips from our experts on how to maintain your trees:

Remove loose, overhanging, and broken limbs.

Loose limbs can be dangerous. They can damage property and cars, cause a fire or power outage, and even injure people. For this reason, it’s important to remove any branches that appear to be loose or overhanging. If you see a broken limb on your tree, call in an expert immediately! They can cut it down and remove it from your property before someone gets hurt.

Don’t put off pruning.

Tree pruning is a regular activity that should be scheduled throughout the year. Pruning helps keep trees healthy, reduces the risk of disease and insect infestation, and increases fruit production.

There are several types of pruning that should be performed on a regular basis:

• Deadwood removal—detached branches or other dead wood, such as broken or damaged limbs, should be removed by hand or chainsaw. A simple rule to remember when removing dead wood is “one-third up, one-third across, one-third down” for each branch stub left behind. This will help ensure proper circulation in the tree as well as prevent rot from settling into it over time.
• Limb thinning—limbs growing too thickly together can rub against each other and cause wounds that invite insects like scale insects or borers in addition to making it difficult for sunlight penetration into these areas; these branches should either be plucked out manually with garden shears or sawed off with a chainsaw depending on their size (loosely connected ones may be pulled apart).

Protect against sun scald and rodent damage by wrapping the trunks of young trees before winter comes.

If you’re looking to protect your young tree against sun scald and rodent damage, wrapping the trunk is a good idea. There are several ways to do this, such as using plastic sheeting or burlap. Another option is using a tree wrap! Tree wraps come in rolls and can be purchased from your local supplier or hardware store.

Wrapping your young trees during winter months before snowfall can help them grow strong and healthy.

Water your new tree properly to ensure the best possible health.

• Watering frequency depends on the type of tree. Some trees need more water than others, so you may need to re-evaluate how often you’re watering your new tree. The best way to determine whether or not your tree is getting enough water is by feeling its trunk and branches at different times throughout the day. If they feel dry after several hours, then it’s time for another round of watering!
• Don’t overdo it with too much water – this can cause root rot! Overwatering can also lead to drought stress in many cases as well; if there is too much moisture in the soil around their roots, trees will begin losing their ability to take up nutrients from deeper within themselves or from higher up on their trunks where leaves are located.
• Remember: a good rule of thumb for proper irrigation frequency is about when it feels dry!

Be observant during severe weather and look for storm damage that needs to be attended to as soon as possible.

It’s always better to be safe than sorry. If you see storm damage, call a professional tree service to remove it as soon as possible. The longer you wait, the more likely a branch will fall on your property and cause damage. Likewise, if there are any fallen branches or limbs in your yard after severe weather, make sure someone removes them immediately.

Conclusion

Don’t be afraid to ask for help. You don’t have to do everything on your own, and it is much easier to learn about tree care when you have someone to talk with about the subject. If you have any questions or just want more information in general, make a post on Dibbs! Local experts will be able to look at your tree in question and provide the correct maintenance advice or quote for removal!

Introduction

When it comes to the water heater in your home, there are a lot of different factors that can come into play. There is a wide range of options to choose from, so you’ll always be able to find one that fits your needs. Whether you want an electric or gas-powered model, tank or tankless style, there is something for everyone!

Water Heater Cost and Installation

The cost of your water heater will depend on the type of system you choose. Below are some typical costs for a variety of water heaters:

• Tankless Hot Water Heaters: $800-$2000
• Tank-type Electric Hot Water Heaters: $600-$1000
• Heat Pump Systems (heat pump hot water heaters): $900-$2200

The installation costs vary based on where you live, how many units are being installed, and whether or not there are any complications during installation. For example, if your home is old and has inadequate ventilation/vent pipes/plumbing systems in place then there may be additional costs due to needing extra work done.  Likewise, if you’re installing two or more units at once then that could also increase installation costs significantly as well! You can find out the extent of how much work needs to be done and how much extra costs could be, by sharing your specific project on Dibbs. An expert will tell you, just by seeing your post, the exact cost estimate it might be!

Electric Vs. Gas Water Heaters

Electric water heaters are the least expensive to install but they can be more expensive to operate than gas units. Gas units require a venting system which increases the installation cost, but they are quieter, have a higher BTU output, and may save you money on your monthly utility bills.

Tank Vs. Tankless Water Heaters

If you’re looking for a high-efficiency water heater, tankless models are the way to go. They have the added benefit of being more compact and much easier to install since there’s no need for a storage tank. However, they also typically have a smaller storage capacity than their counterparts with tanks. If you plan on using your water heater extensively during colder months (when demand is higher), or if your household has more than 2-3 people living in it then we would recommend going with a traditional tank model instead of buying an electric one (which doesn’t last as long).

Choosing The Right Size and Power Level

First and foremost, you need to know how many people live in your home. If it’s just you and your partner, then an efficient water heater with a capacity of around 40 gallons should be enough to keep everyone happy (about 6 showers). If there are more people living in the house than that, then it might be worth getting a larger water heater with more power.

For the second part of our equation, we will start by determining how much hot water is needed at any given time. A good rule of thumb is that each person needs about 20 liters per day for bathing alone. So if there are 4 people living in your home, then 80 liters per day would be needed for bathing alone! This figure can also be adjusted based on what type of activities take place within the home – heavier usage like cooking or laundry may require more power from your new appliance than simply taking baths!

There are many factors to consider when purchasing a water heater, but you can use these tips to make the choice that will work best for your home.

There are many factors to consider when purchasing a water heater, but you can use these tips to make the choice that will work best for your home.

If you have a large family or live in an older home with low insulation, then it’s important to choose the right size water heater for your needs. If you have a smaller household and a modern heating system, on the other hand, it may be worth considering buying a smaller unit to save money on monthly utility bills.

Conclusion

With so many different water heaters available on the market today, it can be difficult to choose one that will work best for your home. But by following these tips, you can find a great product that will serve you well for years to come!

The average bathroom remodel cost in 2022 and the beginning of 2023 is anywhere from $14,000 – $22,000 depending on a few key factors in your renovation. These include size, scope, finish level, and services needed. All of these factors will help you to determine a budget you should consider when remodeling your bathroom. With the right plan, you can avoid common mistakes as well as budget overruns that happen very often with this type of remodeling.
This post will cover the various aspects and costs you will need to consider during your bathroom remodel. 

Full Bathroom Renovation Vs. Half Bathroom Remodel

The costs of remodeling will greatly depend on if you are completely remodeling your bathroom, or if you are half remodeling. So, what is the difference between each?
A full bathroom remodel typically includes removing heavy items or, removing part of a wall or tiles. Upgrades that would fall into a full bathroom remodel include

• Replacing bathtub
• Tub-to-shower conversion
• Updating Flooring
• Changing cabinetry

Full bathroom remodels typically range anywhere from $7,000 – $20,000.
A partial bathroom remodel can mean just about anything that doesn’t include a gut job. These updates include the following:

• A new shower-head
• New Door
• Updating countertops
• Adding a fresh coat of paint.

If you like your current bathroom but just want to add a little refresh, a partial bathroom remodel is the way to go. In addition, these updates are extremely budget friendly and can often be completed without a professional. A decent budget for a half bath can start from $3,000 – $10,000.

Average Bathroom Remodel Costs by Feature

Now, that we have reviewed the total average costs for bathroom updates let’s break it down into the costs for the features. This will be important when determining which updates you can fit into your budget.

Now that you can see how much each item may cost it is time to create a list of priorities for the bathroom features you want to remodel. Depending on your budget you will be able to decide between your wants and needs and better decide which renovations end up on your final list.  Once you have a list of items you want to change in your bathroom it’s time to contact a contractor. The contractor will be able to provide you with a timeline of how long the bathroom remodel will take, suggestions on which materials to use depending on your budget as well as provide any additional recommendations they may see fit.
The increase is construction materials we have been seeing for the past two years certainly has an effect on the prices you are seeing for updates and renovations today. In 2023 construction costs are expected to ease up a bit so homeowners could be quoted at the lower price point for these renovations.
All in all, Dibbs recommends that you do your research before starting any renovation project and ensure you have the budget to complete what you are looking for. As always, do your research on the professional you choose to work with as the last thing you want to do is end up with a home renovation horror story.

To many, fall home maintenance is the last thing one wants to consider as the cool weather comes. Fall is a favorite season of the year for many. You have the perfect foliage, football is back and you can sit back and cozy up next to your fireplace. Before the cold days of winter come, you will want to ensure your home is all set to avoid any headaches in the winter. Follow our fall maintenance checklist and you will be all set to stay inside during the colder days.

These steps will allow your deck to service snow, rain, and hail and set you up for success in the summer months.

Check-in on your roof

Rain storms from the summer and spring can be tough on your roof. Have your roof inspected before the winter months to determine what damages may have occurred. An inspection can help prevent further damage, and experts can tell you whether you need to replace or update shingles.

Clean up and protect your deck

If you have a deck in your front or backyard, fall is a perfect time to ensure no water is soaking into the boards. There are a few things you can do to take care of your deck in the winter:

1. Check for loose nails and screws.
2. Power wash the deck. Budget Dumpster recommends doing this on a day no colder than 40 degrees.
3. Inspect for cracks or areas that are splintering. You can fill cracks with an epoxy wood filler.
4. Add a water-repelling stain to protect from melting ice and snow.

Clean out your gutters.

Your gutters should be cleaned a few times a year. The beginning and end of fall are a great time to check them as leaves and sticks start to fall to prevent any draining issues. If you notice cracks around the edge of your roof, you may need to get your gutters replaced.

Inspect your fireplace.

If you have a fireplace, fall and winter are when you use it the most. Clean out any dust that may have been collected from the previous months. You will want to make sure that cleaning out your chimney is on your fall home maintenance checklist as this is something that is often overlooked. Ignoring your chimney and fireplace can result in the liner being burned and house fires. Schedule a quick maintenance check with a fireplace professional.

Check HVAC systems.

The last thing you want on a cold day is for your furnace to break. There are a few things you should add to your fall home checklist to ensure you stay warm:

1. Clean your unit that is outside – remove any debris around the unit and ensure nothing is broken. 
2. Check on air filters. Before removing any ac units you will want to remove any old filters and replace them
3. Schedule a tune-up – One of the most important things you can do to get your system ready for the winter is to schedule a tune-up with a heating and AC professional. They will be able to clean, test, and ensure everything is working properly and safely.

Clean up your yard.

Get one last good lawn mow in before the cold weather hits and put away any summer furniture you don’t want to be ruined by snow and sleet. It’s a good idea to put fertilizer on your grass a week or two before the season’s first frost.

Clean space heaters.

If you use space heaters in your home you will want to make sure they are safe and working properly before you need them. You will want to inspect the cord, clean the grates and ensure you have proper ventilation if needed. These maintenance tips can help prevent house fires from improper use.

Take care of your garden.

If you spend a lot of time on your garden in the warmer months, you want to make sure you put a little work in before the colder months to help protect your trees and plants as winter can be a trying time for them. Protect your garden by completing the following steps in the fall:

1. Water generously
2. Add mulch to keep roots warm
3. Wrap shrubs and trees in wire protection to help the structure
4. Give TLC to newer plants – winter will be the roughest on plants you added this year.

Check smoke detectors and carbon monoxide detectors.

This should be on every home maintenance checklist. House fires are most common during the colder months, and smoke alarms will be your first line of defense. Carbon monoxide detectors should be checked here as well. The CDC shares that the most accidental poisonings occur in the cold months of January and December as furnaces and space heaters may produce toxic gas. Replace the batteries to ensure your family will be safe this fall and winter.

Ensure you have shovels and other cold-weather equipment.

We all know that once the news channels share news about the first snowstorm there will be no shovels in sight. Get your equipment early so you don’t get stuck in the snow or have to leave the house during a snowstorm.

These quick tasks can be done within a week or two and will allow you to fully enjoy the coziness of winter without having to worry about your home.

The last thing you want when paying thousands of dollars for a home renovation is for it to not go as planned. We have compiled a list of the worst home renovation horror stories and tips on how these horror renovations could have been prevented. Have a home renovation horror story you want to share? Check out our page and send us a DM to be featured!  

Home Renovation Story 1 – ‘You Get What You Paid For’

A run-of-the-mill flipping project turned into a nightmare for a homeowner, Ross when he tried to be nice and give some extra work to his gardener. Something a lot of us most likely think of doing.

“I wanted to put new siding on the house to give it a fresh look,” said Ross. “My yard guy asked me if he could do the job. I was pressed for time because I was going on vacation, and he gave me a super deal. I gave him the go-ahead and left him money for supplies.”

“When I got home, I found he put the new siding over the old instead of taking it down,” he said. “He also used long nails with a nail gun and damaged the electrical wires in the wall. Now half the outlets in the home don’t work. I refused to pay him and demanded he pay to fix my electrical system and redo the siding correctly.”

“He said he would, but it would cost me more than double, so I fired him,” said Ross. “The next morning, I found my truck with four tires slashed.”

How could this have been avoided?

The homeowner learned a valuable lesson from this mess of a home renovation job.

“Never hire someone new for a job and leave them unsupervised,” he said. “Don’t hire a yard guy to do contractor’s work, and if a deal sounds too good to be true, it probably is.”

It may sound like a silly mistake but this mistake can cost homeowners thousands of dollars.

It’s important to do your research when hiring contractors. Ensure the professional is vetted and read reviews. Reviews are powerful and will tell the full story of the professional you are looking to work with. Dibbs is a great way to speak with professionals and receive multiple bids for a project before you move forward with one.

Home Renovation Story 2 – ‘Took 3 Years Longer’

A remodeling project in McLean, Va.,  was supposed to take one year. Instead, it took nearly three years and cost 70 percent more than the original contract price.

“We’ve renovated many homes before and had remodeled the first floor of our home with a builder who did an excellent job,” shares the homeowner. “Unfortunately, when we hired him again to redo our upper level and add a garage and bonus room, the experience turned into an absolute nightmare that was extremely disruptive to our kids and to our lives.”

“After 20 months, the builder abandoned the project with hundreds of items left incomplete, including the floors and the heating and air conditioning system,” says Timmons the homeowner.

Sliding doors were installed upside down, sloppy paint jobs were half completed and the list goes on and on.

The pair received a bill of over $100,000 of materials and work and the renovation was still not completed. The homeowners hired to hire a home renovation rescue company to come in and do damage control after living in their basement with their children to allow the builder to do the renovations.

How could this have been avoided?

The homeowners never saw this coming. They were happy with the builder’s previous worked and enjoyed their relationship. However, when builders complete one job it is important to continue to vet them for additional work.

Homeowners often try to make it work with the current contractor. however, if that relationship is fully broken (which in this case it was) a new contractor can and should be brought in to examine the home.

Hiring companies for larger projects that can have a supervisor on site could have saved these homeowners a lot of stress. As always, do your research when working with professionals and ensure they have a certified team to avoid wasting time and money on renovations.

View the full story here.

Home Renovation Story 3 – ‘When the Pros Get it Wrong’

This homeowner had a simple rack installation she needed to be completed in her garage.

“And as I initially lacked the tool and to save time (I now know this was a mistake), I booked a Garage Ceiling Rack installation service via Angi.” shared the homeowner.

After the service pro cancelled the appointment last minute the new pro that came to complete the job left the homeowner with holes in her wall and a ceiling rack that still needed to be set up.

The pro caused the homeowner several issues:

1. Asked for a stud finder after already drilling holes in the wall.
2. Did not listen to the homeowner’s wants and installed a rack incorrectly. There was no space left for the additional rack.
3. The contractor, drilled 16 extra holes.  16 extra holes. The manual of the racks stated to drill 3/16″ and 3-inch deep pilot holes.
4. Installed the beams incorrectly causing stress to the homeowner as this installation was not safe.

Frustrated and after spending money and time with this pro, the homeowner contacted the service provider (Angi) and instead of helping to resolve the issue and preventing any additional stress to the homeowner, the provider simply gave them their money back. Needless to say, this homeowner will not be using Angi’s services again.

How could this have been avoided?

Unfortunately for Angi, this homeowner is not the first that has had issues with the pros. Next time, the homeowner will be sure to use a different platform such as Dibbs to find professionals in their area.

With Dibbs, professionals are vetted and trusted for the services you are looking for. In addition, your information is not being sold to other vendors who may not be on the platform.

It’s important for homeowners to do their research when working with new vendors and professionals. This will help to prevent any stress and issues on your home renovation.

Read the full story here.

Home Renovation Story 4 – What’s that on the Ceiling?

This family in Central Texas tried to save a few dollars on a bedroom paint job in their primary bedroom after buying the home.  This paint job ended up being far from a quality job. The ceiling which was painted a dark navy color (that the family did not want originally but accepted to move the renovation along) started to look a little bubbly and wet shortly after the job was completed.

“I noticed what looked almost like wet water droplets from the moisture growing on the ceiling,” shared the homeowner, “At first, we chalked it up to the Texas humidity, but after a few days, something started to feel ‘off.’

When the homeowner got to the ceiling he was easily able to scratch off the paint and could tell instantly that there was mold on the walls. This was why the ceiling was painted a dark blue color, not the color they originally wanted!

Luckily for these homeowners, the original contractor came back to remove the mold, clean the walls and re-paint the walls in the color the homeowners originally asked for.

How could this have been avoided?

When you buy a new home it is important to ensure you have an inspector come and review the home. An inspection is a visual observation of the house and will help to identify any safety concerns, health issues, and even mechanical issues the house may have.

But where can you even find a trusted inspector? Often times the realtor you worked with will be able to point you in the right direction but for those times when they can’t, there is Dibbs. 

Read the full story here.

You just purchased your first home in Rhode Island – congratulations! You won the bidding wars, got a great interest rate, and saved and saved for that down payment. Buying your first home is a huge deal and is something that should be celebrated. The work however is not done just yet. After securing your first home there are a few things you should do right away in order to set yourself up for success. Let’s dive right into it and review the top 10 things you should do after you purchase your first home.

1. Change the Locks and Secure Your Home

This may seem like a no-brainer but it is so so important and something that is often overlooked as it is a “smaller task.” Change your locks and the garage codes. You may even want to think of doing this before you move in to prevent the previous owners from entering your home. Typically the cost for doing this is a pretty low fee and you can usually complete this task on your own.

Be sure to check for extra keys that may have been left by the previous owner. Check the top of doors, under mats, and even under rocks by the front door to ensure none were left.

2. Set Up Your New Address

You definitely want to keep getting your birthday cards so be sure to share your new address with friends and family! And, your employer will need to be notified. Just send a quick email to the HR Department so they can get that updated.

The U.S Post Office makes it very easy to set up mail forwarding and you can do so on their website.

3. Review Home Warranties

If you purchased your home with a home warranty provided by the seller that is great! This means that you will not have to deal with a broken refrigerator, appliance, or other major issues.

If you did not receive a home warranty with the purchase of your home shop around for one. There are so many options available that you can choose one that is tailored to your needs. This is something that should be purchased quickly to prevent any issues.

4. Clean and Paint

Before moving all your items into your new home try and get a thorough cleaning done. Check window treatments to ensure all windows are safe and check the blinds as well. Painting prior to moving any of your stuff in is always easier so if you have the option to do so, we would recommend doing that.

5. Connect Utilities

Plan ahead on utilities to make your move seamless. Be sure to check with your local providers to determine the process and how far in advance you need to schedule a turn-on. No one wants to move boxes in the dark!

6. Learn Where Security Items are

When moving in, make sure you know where smoke detectors and carbon monoxide detectors are located. Test carbon monoxide detectors and, replace the batteries in all smoke and carbon monoxide detectors around your new home to make sure they are working properly. You will also want to purchase new fire extinguishers. It is recommended to have on in your kitchen as well as on each floor of the house.

Homelight, recommends having an emergency kit as well. Emergency kits could include items like:

• Water
• Matches
• Batteries
• Flashlight
• First Aid Kit

Customize your emergency kit to fit your needs and be sure it’s placed somewhere safe and accessible.

7. Create a Maintenance To-Do List

After purchasing your house address any issues that were shown in the inspection report that the seller was not responsible to fix. Using this report will allow you to create a quick list and take care of important items in a timely manner. Focus on issues such as dirty gutters, leaking pipes, or windows first to prevent bigger issues in the future.

8. Create a Maintenance Schedule

Items in your home will need consistent updates in order to stay safe, working properly, and clean. Take your AC unit, for example, this is something that needs to be serviced regularly in order to ensure you are getting your money’s worth. Keep a list of items that may need regular maintenance and find pros that can help you with this. 

9. Find Storage and Organize

As you unpack throw things away that you no longer need. Have a sweatshirt from your Middle School Baseball days? Chuck it, you will never use it again. Look into storage options that work best for you and your family to make the most out of your space.

10. Introduce yourself to the neighbors

Your home is finally safe, up to date, and designed how you want it! Now, the fun begins. Start introducing yourself to your neighbors and maybe even host a housewarming party.

Final Thoughts on Buying Your New Home

Buying a home is such an exciting time but just remember the work isn’t done once you get the keys. It’s a marathon, not a race and when you need help from professionals, download the Dibbs app.

In the past few years, there has been an increase in information and individuals sharing their success stories of house flipping. Flipping houses is a great way to make money, the business is extremely lucrative for individuals and companies that can commit their time. Given the right opportunity, you can make significant returns on your investment quickly. In this blog, we will run through the benefits and how to get started in the house flipping business.

What is House Flipping?

Let’s start with the basics. What exactly is house flipping? House flipping is when a buyer purchases a distressed property, fixes it and then resells it for a profit. These properties are usually found through bank short sales, property auctions, or foreclosures.

Before jumping into the business of flipping it is important to understand the pros and cons of the business.

Advantages of House Flipping

House flipping is a high-reward business so it makes sense that the first advantage of house flipping is profit.

• Profit – As of March 2022, the average net profit for house flipping was $30,000. This is a large profit that is usually obtained in a month or so. The profit you receive will vary based on where you live but typical ROIs are above 100%
• Diversify your investments – Investing in different types of assets is a great way to reduce risk. Real Estate is a long-term investment that can allow you to increase your cash.
• Be your own boss – You can make your own hours and take off when needed. It is important to recognize though, that this is a job that will require a lot of your time in the beginning.

 Cons of House Flipping

Where there is high reward there is almost always high risk. In Real Estate while you can make a lot of money if not done properly you can lose money just as quickly.

• Stress –  The business is stressful and time-consuming. Going into the business it’s important to expect the unexpected. Things may take longer than expected and if it’s your first time you will make mistakes. As you grow into the business less stress and mistakes will occur.
• Holding Costs – A typical rule in real estate is to sell the property quickly. The longer you own the property the more money you are losing. After renovations are completed you will still be responsible for the mortgage on the house. Because of this, experience flippers will try and sell the home before the first mortgage payment is due.

Getting Started

If you understand the pros and cons of house flipping and still want to get into the business there are a few steps you can take to get started.

1. Knowing the area. This may be one of the most important steps as this will play a big part in determining your ROI. Take some time to research the real estate market and choose the right location. You can work with a real estate agent to help you find the right home and advise you through the process.
2. Setting a Budget. You will need to acquire funds and ensure decisions made will keep you aligned with your budget. You should aim to make between 10%- 20% in profit when you sell a home. A good rule of thumb is to budget based on the 70% rule.
3. Finance your project. There are a few ways you can finance a house flip. If you do not have the cash to hand over you can get pre-approved for a loan through a bank or, you can reach out to individual investors and see if they would like to invest in your property. Keep in mind that if this is your first flip – a bank may be the best option.
4. Buy The House. Now that you have a budget and the money to put into your project it’s time to purchase the house. This can be one of the most challenging aspects of the process. Good options to consider will include, foreclosure, distressed, or bank-owned properties.
5. Flip and Sell the Property. Once the repairs and updates have been completed it’s time to resell the property and get your cash. Again, the longer the house sits on the market the more money you lose to this should be a fairly quick process. If you do not have a portfolio of potential buyers you can work with a real estate agent to sell the house. Agents can help you sell the house quickly by listing it in the MLS database and help you to decide the right price.

House flipping can be a great business to get into and a great way to build wealth. It is important not to underestimate the time or money required to be successful in the business and remember it is never as easy as they make it look on TV.