Images: HGTV Canada
What to know about flipping houses to ensure the renovation and selling go as smoothly as possible.
Kortney and Dave Wilson flip between 12 and 16 houses a year — so it’s safe to say they know a thing or two about buying, renovating and selling homes. We chatted with the husband-and-wife team about their tips for a successful renovation.
Style at Home: What should buyers look for when shopping for a house to flip?
Kortney and Dave: The lowest priced home in the best location possible, is ideal, but realistically, and in a hot marketplace, those gems are hard to find. Often buyers will resort to houses in a weaker location that still appeals to them, but remember, that location is worth something to potential buyers — just as it is to you. Your cost to renovate is likely the same in both locations, so be sure that the “out” cost or “list” cost, after renovation, will get what you need to make money.
How should homeowners prepare for a big renovation?
Do your diligence. Make an inspiration board so you have direction and decide who is going to have the final say on different projects. Who is better at design, or at least, who is willing to take it on? Who will be better at collecting bids?
How can homeowners complete a renovation on a budget?
Budget and bloat! Account for the problems that will arise. If you bloat the budget by a good percentage — we don’t always do this well, but I like the 20% range — we know that we can accommodate problems.
When on a budget, what can homeowners save on?
Tile is a big one. All too often people get caught up in using something that is one of a kind or something really hard to find. There are lots of great options that are really inexpensive and with online options now, shopping for the deals is much easier.
What should homeowners splurge on?
Splurge on the countertop stone. It’s a huge focal point to the room.
What can homeowners do to ensure the renovation is completed on-time?
Pray? HA. I think by budgeting and having realistic expectations on the front end, you are more likely to meet the deadlines. I’ve had clients offer bonuses to their contractors to meet certain deadlines. Incentives are nice and keep everyone motivated to stay on schedule.
How can sellers stage their home to raise its value?
I highly recommend hiring a stager or designer to come over to either stage or at least work with the furniture you already have to configure it in a way that makes your house look its best.
What are the biggest reasons sellers wouldn’t get the price they wanted for their house?
Because they listed too high to begin with. I believe in market correction. If a seller decides to price WAY above the other comparables, and it sits on the market, the house can become stale. A stale house results in the buyers low-balling on their offer versus a buyer who sees a house that is fair market value on the first week it hits the market. They don’t want to lose it and therefore they are more likely to pay list or even over list in a multiple-offer situation.
What trends are you dying to incorporate into your renovations this year?
I’m loving wallpaper right now. And I love that moodier tones are getting their turn.
What trends and design styles are you sick of?
Although white on white will always be in and I love how clean it is, I’m a little over it myself. Shiplap is a close second.
What types of flips are you tackling this upcoming season of Masters of Flip airing Wednesday nights on HGTV Canada?
We tackle several historical homes that breed a ton of unforeseen problems and become more of a labour of love. Overall, it’s more of our crazy antics, the occasional drama over budgetary stuff and pushing the envelope of ensuring, for better or worse, the houses look very different from one another.