Flipping in 2023 - balancing the various tales

[Dylan T]

Hi all - I'm not a professional builder but a competent and enthusiastic DIYer, and have restored 3 homes that I've occupied at the same time (one of which was derelict and was a major project and one which I did a fair bit of building work). I've considered flipping a property for years but always been put off as I seem to come across more negative stories than positive ones. I also live in South Wales where the average house price is lower than the national average meaning obviously less money to be made. Additionally, I've got a young family and I run my own small agency as a digital consultant where I earn decent money so realistically in terms of time I'd have to be taking time off work and be needing to replace a wage of around £8k a month. I could try to juggle both but I've done enough building work to know that it wouldn't be worth the stress with a little one just starting to walk - it was bad enough without kids!

My neighbour has been flipping houses for a few years and is getting out of the game after only breaking even on his last 2 properties, and another developer who bought a house opposite me just lost money on his saying that he's not doing it again either. However my friend just flipped a house he bought in October with a £55k profit after only spending 28 full days on it and has just put another offer on the other.

So I'd be curious to hear folks opinions on where the median story lies and how flipping as an earner has changed in 2023 (if it has at all).

 

[^woody^]

You can flip the right house for a big profit, for the cost of a tin of dulux and a gas and electric test.

The skill is knowing the property market and what to pay and spend, not how to do the building work.