Rules of Renovation

At Rules of Renovation, we love teaching our students how to renovate and flip houses. So, why would we recommend not to renovate your home? Because you have to do it for the right reasons. Otherwise, it can backfire on you. Renovate your home to serve your future buyers or create your own dream home that will last for decades. But, save your money if you want to renovate for any of the 3 reasons below:  1. To Imitate a Trend Did you see a cool color scheme or material online and want to try it? Well, is it a trend or a fad? Some trends, such as energy-efficient construction, add value to houses and are here to stay.  But fads are usually just fun, cosmetic ideas that could go out of fashion at any moment. If your proposed renovation could be a fad, you’ll waste money by going through with it. Buyers might not like it, and you might get tired of it yourself!  2. To Impress Your Neighbors It can be fun to show off your renovation skills or budget to your nei...

House flippers are a diverse bunch. Some are natural decorators, some are handy and great at construction, and some are simply great at identifying great financial opportunities. Depending on which category you belong to, the thought of specifically decorating a home for a different season may fill you with delight or dread. Some of our renovation students really enjoy those kinds of details, and some don’t.  However, potential buyers will notice it. If they walk into your open house—or see it on social media—you should take every chance to dazzle them. Your attention to detail will signal to their brains that this is a quality property.  You can make a house look beautiful for the fall season with just three easy tips, which Rules of Renovation reviews here. Take a few minutes to learn them and apply them, and see the great results your house and bank account can get. 1. Switch to Neutral Fall Colors When you’re getting a house ready for a flip, you should decora...

Hardly anything screams “I’ve made it” like getting a pool in your backyard. It’s practically part of the American dream—nice car, big house, boat, picket fence, and a pool. But a pool is a nightmare for some buyers. They’re dangerous. They require constant maintenance. They can get damaged and need major repairs. They drink up your water supply in the summer and just sit there in the winter.  Some buyers will actually offer less because they see a pool, or they’ll want you to get rid of the pool for them. Learn how to avoid these and other problems at one of our Rules of Renovation events. You have to think about some difficult issues before you put in a pool. While putting in a pool isn’t always wrong, there are some key points to think about that could save you capital—and a lot of headaches.  1. Hazard to Children If you’re selling to a group of buyers that like to entertain, then a pool might be perfect. However, many homebuyers have children and they’ll be...

Cabinets are one of the biggest single features in a kitchen. A fridge is big, but there’s typically only one. Cabinets are everywhere and are often the first thing you see or notice. So, the color, style, and other aesthetic features of your wood cabinets are integral to the look of your kitchen.  Choosing the wrong color can make your entire kitchen renovation look and feel bad. However, a well-chosen color and color scheme can make a kitchen renovation great! So, how do you choose between colors to be sure that you get it right the first time when you’re updating the kitchen? Below are four tips to help you pick the right cabinet color in a variety of situations. 1. Start with the Overall Color Scheme The overall color scheme of the kitchen is an essential factor in choosing your cabinet color. Your choice of color palette will really limit and narrow down your possible choices for a cabinet color.  If you are picking the color scheme yourself, you could pick ...

How much of a perfectionist are you, on a scale from 1 to 10? If you’re at the higher end of the scale, you should learn how to flip a house in the simplest way as early as possible. Not every house needs to look perfect. Your houses should simply be functional, safe, and profitable. One way to overcome perfectionism is to set a goal of a certain average profit on a large number of flips. There’s an art to renovations, but you can only experience those great renovations when you practice hard-nosed business principles. Read on to learn our best strategies for how to flip a house while keeping it simple. 1. Don’t Always Plan on Extensive Remodeling Most of your properties shouldn’t require too much renovation. Don’t plan on a massive overhaul of every house flip. About 80–90% of the time, try to pick houses that require only minor repairs. Learn to be disciplined about this. Get a thorough inspection of each property, and add up the potential costs of repairs and renovations. Ma...

There’s a lot that goes into flipping a house, including time, energy, emotions, and of course, money. Although you may not be able to cut down on the first three, you can always save money with the right strategies. Learn how to save money when flipping a house with these three common mistakes to avoid. Practice the following to build the discipline and habits necessary for a profitable house flipping business. 1. Don’t Get Too Emotionally Invested in Any Single Property Your business success as a house flipper will come from the average profit you can make from a multitude of properties, not from any one property. It’s vital to treat each property objectively, judging it on its numbers, potential profit, market comps, and so on. Try not to get attached to any one property. We’ve seen too many investors spend far too much time or take extra risks on a property just because they feel passionate about it. Remind yourself that it’s important to sell each property quickly and m...

“How do I pick out the best colors of wall paint for my house flip?” That's a question we hear a lot in our renovation workshops. It's an important question. People are going to see the walls as soon as they walk in during an open house and whenever they walk into a new room. At Rules of Renovation, we have two major ideas for you below for choosing great-looking wall colors and for testing them. Remember, this can be a lot of fun! You don't have to take paint too seriously. If you make a mistake here and there, you can learn from it and just paint over it. Go in with an open mind and enjoy the home improvement process. Choose Great Colors  Buyers don't want to paint their walls after they buy a house. They're excited to move in and start living there, not to put plastic down on the floors and start painting. So it's important to pick great colors for the interior walls. But how do you choose? As with any skill, you need to learn the traditional rules ...

If you’re about to put a house on the market and it has a small kitchen, you’re probably painfully aware that buyers often see small kitchens as negative. Kitchens are a central part of any home, and your prospects will want to envision it as such. If your kitchen is short on space, turn that potential negative into a selling point with these memorable, low-cost kitchen renovation ideas to make the most of your kitchen space. 1. Install a Folding Table  Large kitchens have a lot of surfaces, such as islands, for food preparation and dining. In a small kitchen, you can store an additional surface by fitting a folding table against one wall. The buyer can open it to create counter space or a dining table, then put it away when it’s not in use. 2. Use Empty Vertical Areas Pull more storage out of empty vertical spaces. You can put in shelves on empty walls and above the cabinets and sink. Also, screw useful hardware into the walls and under the cabinets, including drying ...

Most potential home buyers are impressed by hardwood floors. But is it worth it for you to buy and install a hardwood floor, or is laminate a better choice for your budget? Let’s quickly run through the pros and cons of natural hardwood flooring versus laminate wood flooring. The Standard: Hardwood Flooring The cost of installing a hardwood floor can be high. Each panel of flooring can also be expensive compared to laminate wood flooring, because it’s made from actual boards harvested from trees. Woods from other countries usually cost more than domestic varieties. However, an exotic wood can add a touch of luxury to the house and raise its value. When installing wood floors, choose the room they’ll be in carefully. In a high-traffic area, the wood can easily get scratched or worn, which will show up prominently on natural wood. Also, avoid installing wood floors in high-moisture areas. If you find an original hardwood floor under a carpet in an old house, you’re in ...

When you’re renovating a house flip, you might need to replace old windows—maybe because they’re worn out or you want to install energy efficient ones. Don’t throw your old windows out yet! You can transform them into unique accents that’ll give potential buyers something memorable to talk about. In fact, you might even want to find other old windows at a flea market or antique store. Below are three home accents you can make out of old windows for a very low price tag. A Message Board Turn an old paned window into a charming message board. If the glass panes are still in it, you can cover them with chalkboard paint. If the glass is gone or you want to take it out, you can put pieces of cork board or chalkboard where the panes used to be. You can even alternate between chalk and cork board panels. On the other hand, it can be simpler just to lay the frame over a ready-made chalkboard or cork message board. For an open house, stick brochures or information about t...

The bathroom is one of the most-used rooms in the house, yet it often gets neglected when it comes to home renovations. When regular homeowners start planning a bathroom renovation, it can take as long as six months until completion. They get estimates three months out, buy materials two months out, and so on. If you’re working on house flips all day, you might only take a day or two on each of the first three phases. At the same time, planning ahead is crucial, because it can take weeks for a shipment of materials to arrive and up to six weeks for the work crew to finish the labor. Take action now by following these four phases of bathroom renovation. Phase 1: Brainstorming and Designing  It can take a lot of brainstorming to think up a really strong bathroom design idea. Try picking your three favorite interior design magazines and searching through them for ideas. Tear out the most inspiring pages and write a sticky note on each one about why you love it. Next, pi...

Fixer-upper properties are never pretty, but they make for great house flips. But how do you know when the renovations or damage are too much? Hilary Farr has noticed that a common mistake house flippers make is investing in a property that is beyond salvage. Some problems are bigger than others, and if you take on a project that puts you in over your head, you risk any potential of making a profit. How can you tell if a house is damaged to the point you can’t make a profit? Rules of Renovation has 5 red flags to watch out for when investing in a potential flip. 1. Asbestos This deadly building material can cause a lot of health problems, including cancer. Luckily it was banned in 1989, but it is still found in some older homes. If your potential flip has asbestos present, all of it will need to be removed, and depending on the location and how much was used, the removal process can be costly. Find a good home inspector who can identify potential asbestos and show you how to test...

Success in real estate investment is about more than your personal charm and skill in selecting a great property. You have to establish yourself as a professional through marketing and a social media presence. One of the most important tools to reach new customers and expand your brand is a professionally designed website. A personal website for your real estate business will list your accomplishments, experience, and contact information. The internet is filled with free website design and hosting options—but unless you’ve got web design skills as hot as your real estate ones, Hilary Farr recommends strongly against making your own website. Here are 4 Rules of Renovation approved tips for choosing a web designer and setting up your online presence. 1. Don’t Build Your Own Website In the real estate investing business, there’s a lot you can DIY: painting, basic repairs and demolition, and installing appliances and shelving. While you may have picked up some great skills in reha...