I'm considering doing a live in Fix/Flip over 2 years (to avoid capital gains and to allow me to financially be able to do a full renovation)
I'm looking for any feedback from those who have done it before, or just who have more knowledge/ experience than myself...
What stuff would you do right away vs. waiting til closer to selling. Based on how well it holds up, odds of wear and tear ect..
Like I'd think a bathroom reno would be okay to do early on, and would just need touch up paint 2 years down the road.
But painting interior, I'd imagine would need to be re-done at 2 years ?
Thoughts on a timeline or order of operations for what you'd do?
I just started this process as well. Instead of flipping though, I will probably turn mine into a rental. Anyway, I think it comes down to personal preference. My bungalow had a drop ceiling (think commercial tiles) that the previous owner used to cover up old water damage. I felt that I needed to change that right away (even before I moved in because of the mess.) This also led to me having to replace some drywall. I am also going to refinish the hardwoods before I live there. Some would disagree with that and state that it could be done right before I move (since they are good enough). However upon further reflection, I've just decided to bite the bullet. I figured that if I am going to pay the money for it, I might as well enjoy them. I've also decided to paint because the walls were horrid colors. If they were more to my liking, maybe I would have waited on this. A good paint job will hold up for multiple years. I also considered the hassle factor. This house is less than 1000 sq ft so I don't have a lot of extra space to move things around. My two slower projects are going to be the kitchen and the basement. I feel like I can work on those bit by bit while enjoying the rest of the house. I hope this helps some.
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