The government has introduced legislation that makes buying property in the GTA more expensive for foreign investors. If you are a Canadian living in the GTA then you can make a considerable amount of money flipping houses. There are many variables involved when flipping houses and you will need to hire a variety of different trades including a reputable plumbing company in Toronto. A vast majority of the work around the property you can do on your own or with freelancing contractors but plumbing work has to be performed by a licensed plumber.
Getting the Best Deal on Building Materials
Whether the property you are interested in flipping is a complete tear down or a simple renovation you need to look for ways to save money on building materials.
· Meet the manager of your local hardware store and find out whether they have any discontinued brands that they want to sell at a discount. You can usually get discontinued flooring, tiles, and cabinetry at fire sale prices. The manager is not going to advertise the materials so you need to meet with them in person and ask. This will give you a chance to establish a long-term relationship with the manager which can help you save even more money on future home flips.
· Consider using composite materials in-lieu of more expensive ones. An example of this would be using laminate flooring instead of hardwood. The look is very similar but the cost to you is greatly reduced.
By keeping the cost of your building materials as low as possible you stand a better chance of getting of making a profit when you flip the house. While the cost of materials can be high you also need to address the cost of labor which can take a massive bite out of your profits.
Saving Money on Labor Costs when Flipping a House
The labor costs on a home renovation can vary but there are some practical steps you can take to keep them as low as possible. If you need to hire a plumbing company in Toronto make sure they have been involved in the industry for a minimum of ten years. Aside from identifying the most qualified tradespeople what you can do is look for freelancing carpenters and other individuals who can perform the manual labor needed to complete the renovation. Along with hiring freelancers you could also reach out to the local community college and find out if the students taking carpentry or related courses would like to get some hands-on experience with our project. You would only pay these students minimum wage perhaps even less just so they can get some real-world experience. While not every school out there will allow this you could ask and the savings would be well worth the effort.
With the housing market in the GTA cooling down for international investors you can leverage this opportunity to get top dollar for the houses you are trying to flip you just need to act fast.