Tips to Follow when Flipping Real Estate in Toronto

The property market in the GTA is growing rapidly and if you are interested in flipping houses for a profit you will need to implement these tips. One of the biggest costs associated with flipping homes in the GTA is plumbing so you need to find Toronto plumbers that offer the best value for your money.

Selecting the Right Toronto Plumbers

There are many plumbing contractors that service the GTA but you have to find those that have the most competitive pricing possible. Start by determining what is the average hourly rate these plumbers are going to charge you so you have a baseline reference Now that you know what the average hourly rate is you need to meet with the plumber in person and asses their overall level of professionalism. If you feel they are suitable then you have to find out whether they are willing to negotiate a better rate for you.

Getting the Best Terms on Plumbing Services

You have to inform the plumber that you will be flipping houses and will have a considerable amount of work for them to do. Since the plumber is going to secure consistent work they may be willing to offer you a better hourly rate but you have to ask. If the terms are agreeable then both you and the plumber can sign a service contract that clearly spells out what the plumber is going to charge so there is no misunderstandings. After you have the plumber in place you can use the same approach when hiring an electrician inside the GTA.

Saving Money on Renovation Materials

Now that you have the tradespeople secured you can begin looking for savings on renovation materials. One way to save money is by incorporating a cashback credit card so you instantly save money on all of your purchases. While this cashback feature may be nominal it is a step in the right direction.

You could also speak with the manager of your local renovation retailer and ask them for a discount. The manager may have the ability to give you an added discount if you shop their frequently. There is no guarantee that this particular approach works but you have nothing to lose by asking! While speaking with the manager you may want to ask about discontinued product lines. These products are good quality just no longer in production so they are offered at a substantial discount. This tactic is a great way to reduce the cost of renovation materials.

Toronto plumbers

Saving Money on Labor

One of the easiest ways to save money on labor is to hire students during the summer. The tradespeople can do the work that is mandated by law but the students can do all the non-essential work like painting, putting in sheetrock and other basic tasks. Since these students are willing to work at a lower wage than a red seal carpenter your labor costs will be contained.

By keeping your costs low you are able to generate a more substantial profit from each house you flip in the GTA.