Please, not the “F-word”

  • Posted on: 29 October 2019
  • By: Tori
House Flipping: buying selling houses for profit

As a general rule, I try to take colourful language in stride when I hear it used. And – truth be told – I have engaged in a bit of it myself upon occasion. But there is one word in particular that I simply cannot allow in my presence. And that is the F-word.

(No, not that one. This is a family blog, after all.)

The egregious term that has the potential to make me turn the air blue when I hear it is this:

“Flipping” - Reality television has unfortunately done a fantastic job of glamourizing the concept of house flipping. Add to that the hordes of self-styled real estate gurus popping up in late-night infomercials promising that it’s an effortlessly profitable venture, and you have a virtual epidemic of people jumping on the bandwagon of looking for a fast return on investment…usually via a plethora of quick (and perhaps unsafe) fixes and less-than-stellar workmanship.

Here are a few things that can possibly turn a flip into a flop:

Cash Crunch – Dabbling in real estate acquisition is an expensive proposition, and many people believe that all they need is a low-to-no-money-down loan, and they’ll have plenty of cash left for the makeover. Just as a CPA wouldn’t likely attempt a major roof repair, I won’t venture to give financing advice. But when you start the flipping process from a cash flow disadvantage, suffice it to say that things can tend to slide rather quickly from there.

Timeline Underestimation – In the midst of the excitement over a renovation, it’s easy to forget how lengthy the entire process can be. Once you’ve found your property, there’s the demolition and construction phase, which can eat up many nights and weekends if you’ve got another day job to contend with. The pressure to get it done quickly can result in overlooking important milestones such as city inspections to ensure that you’re in compliance with building codes. 

Lack of Knowledge – Even if you get the deal of a lifetime (perhaps on foreclosed property), you still need to know which renovations to invest in and which may not be worth your hard-earned dollars. Couple that with the need for an understanding of applicable tax and zoning laws, and you have a rather intimidating amount of information to digest and keep track of.

Obviously, there is nothing wrong with wanting to remodel, or to sell your home at a nice profit 

post-renovation. But our business is built on the principle that quality should always be the cornerstone of every project, with the client being thrilled with the beauty of what they have created and proud of the solid workmanship, as well. 

We also believe that it’s imperative to respect the finances of our clientele, and the C&C team works hard to negotiate the best pricing agreements with our top-notch suppliers. However, an extremely limited budget for a “flip” scenario can result in cutting corners in terms of using unlicensed and inexperienced workers and cheap, unreliable materials. Sadly, everyone loses out…not the least of which is the unsuspecting new owner of the “freshly remodeled” home that often has to be completely redone.

It’s our passion to create homes that are a true expression of the individuals who inhabit them. And we may lose a job here and there by refusing to compromise our commitment to excellence. But it’s worth it to know that we can always stand behind our creations – and our treasured clientele – with honour.