Home renovation costs can add up quickly. Whether you’re flipping a home, rehabbing your next BRRRR, or just doing some much-needed touch-ups around the house, the growing cost of material and labor can put you back tens of thousands just for some simple upgrades. House flippers like James Dainard know this better than anyone. James and his team oversee multiple flips every month and they’ve seen their costs rise while profits start to shrink.
As experienced rehabbers and renovators, James and his team needed to start thinking creatively about how they tackle home renovation projects. After trial and error, James has come up with the five key ways he keeps his flips at or under budget while also delivering a quality product to a new homeowner. These tips could save you thousands on each section of your home rehab and go far beyond the standard “do it yourself” type advice we regularly hear.
Are you incorporating any cost-saving strategies in your home renovations? If so, what types of ways are you lowering your bottom line that’s helping in these inflationary times? Let us know in the comments below!
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Listen to The “On The Market” Podcast Wherever You Listen to Podcasts:
Apple Podcasts: https://podcasts.apple.com/us/podcast/on-the-market/id1615086704
Check out James’ Video on House Flipping Budget Busters:
Inflation Is Rising—What Does That Mean for Investors?
Finding Contractors, Renovation Red Flags, and Estimating Rehab Costs:
Subscribe to ProjectRE with James Dainard:
Follow James on Instagram:
https://www.instagram.com/jdainflips/ or @jdainflips
Connect with James on BiggerPockets:
00:00 5 Ways to Reduce Rehab Costs
01:17 1. Shop Clearance
01:58 2. Keep What You Can
02:32 3. Communicate with Contractors
03:14 4. Keep Flexible Specs
03:56 5. Change Your Scope of Work (SOW)
05:29 Combatting Contractor Costs