Flip or Flop, Fixer Upper and Property Brothers are some of the most popular shows on television. They all are based around the same concept: a family gets a home in disarray, completes a major renovation, and either sell it for a big profit, or live in it.
Though, perception is sometimes deception.
Experts say it’s not uncommon to have clients believe they can do more than they should, faster than they should, and end up getting in over their heads.
‘It’s kind of flooding the market, actually. “They get themselves in a real bind because they don’t have the experience and they don’t have the knowledge.”
The first mistake most rookie flippers make is overpaying for the property.
“If you purchase wrong it’s really hard to make a profit on it."
Experts say if you overpay right away, you’ll have less money for unforeseen bumps in the road and for important steps like staging. Professionals note that the timeline of the shows can be a little unrealistic.
“They come in with a team of 15 to 20 guys and they're getting done in one day what it takes me maybe a week to do,” one expert said.
While the flips are beautiful and extravagant, it’s best to start small.
“A lot of people maybe go too far on the renovations they plan on doing."
Perhaps the biggest misconception on television vs. reality is the profit.
“It's not realistic you're going to make that money,” experts say. “Maybe in certain areas, California, and other places you can, but typically, you don't see those kind of profits.”
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