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Updated over 9 years ago,
first flip-not sure how much to do
Hey all!
Im pretty new to the forum here! Myself and a partner are currently about halfway though our flip.it was originally intended as a buy and hold but we decided we would be better of to flip it due to it not being entirely suited as a rental (on a huge yard that needs alot of maintenance and a little out of town).so we decided to sell it,and I will but my half of the money into another property,but rent and hold it.
Anyway were currently unsure about some things and i thought it would be a good idea to come on here and ask.
when we are finished,the house will be a 3 bed,two bath with a finished basement.However,we are really stuck on how much things we should update.we are in Northern BC,Canada and winter is coming fast.
My partner (matt) wants to just finish up ASAP and just get it to OK standards (put in the new floor,paint the old kitchen cabinets,finish up the bathrooms and what else needs to be done and put it up for sale during the winter.
Problem is that houses dont sell very fast here in the winter and can sit on the market for a long time which dosnt look good,and you tend not to make as much on them.
Also...the house has stucco which is ugly as sin...the house was built in the 70's (and im sure was very stylish back then!)but hadnt been touched since...so the stucco has these disgusting seashell designs on it....
The kitchen cabinets,although in good shape,are very dated also...
and the windows are double glazed,but they are the original windows from the 70's it looks like.
we are both low on money and could probably just afford to fix it up to the standard matt wants to.
But what I am trying to convince him to do,is to rent the house out for the winter and save the income from rent (we own the house right out so have no mortgage) then come back to it next summer when we have the rental money and money we have saved and using that money,
-put siding on the house.
-update the windows.
-put in a new kitchen.
He is kinda "iffy" about the whole thing and we are both kind of confused on what is our best option..
can anyone here give us some advice please? In your opinion,would it be worth updating those things?or would we be best to just leave them as is and put the house up for sale?do you think it would make that much of a difference and be worth the extra money?
thanks alot in advance you guys!i will post some pictures if anyone would like to see.
-Karl