On average, how long does it take to flip a fixer upper? - Question on Quora.com
Judging by the house flipping shows you see on HGTV, you'd expect a house flip to take approximately 24 minutes to complete.
We all know it takes a lot more time, effort and planning in order to successfully renovate and flip a property.
Here is a breakdown of typical rehab project timeline:
- Purchase Closing (take possession)
- Planning, Permits, Bidding (1 week to 1 month+) - If possible, you will try to start the planning before closing on the property to gain a head start. The planning process can take as little as 1 week or as long as 2 months if you have large project that requires plans, plan review, & permitting.
- Rehab/Construction (2 weeks to 4 months) - For a cosmetic rehab, the project may only take a few weeks, but for a larger 'gut job' it could take up to 4 months.
- Listing for Sale (1 week to 2 months) - In a hot seller's market in a desirable area, you may have an offer the 1st day you put the property on the market. In a buyer's market, your property could sit for 1 to 2 months before you get an offer.
- Closing (1 to 2 months) - Once you get an offer under contract, it generally takes around 30 to 60 days to process the closing.
In a best case scenario, with a cosmetic rehab that sells quickly, you are looking at a holding period of 2 to 3 months. Overall, the average rehab will likely take around 4 to 5 months.
How to Plan Your Rehab Project Timelines
See Question Originally Posted on Quora.com
