DON’T LET YOUR FLIP BE A FLOP
Kortney and Dave Wilson of HGTV’s Masters of Flip answer questions about money and design and talk about ways DIY novices can up their home-flipping game
Q How much money do you need to flip a home? Also, is it better to get a mortgage on such a property or, if you have the cash, purchase the house outright?
A (Kortney Wilson) That is a loaded question because not only is every house different, but every market is different. We were actually going to mortgage a house this week, but to stay competitive and get it, we decided last minute to pay cash.
Cash is always best, because houses go quickly and you avoid carrying costs, but it is also riskier. If something goes wrong and you are upside down, the bank will probably not want to lend you money. It’s important to do your due diligence.
As far as budgets, they run anywhere from US$60,000 (for a smaller house that doesn’t need a bump-out), to about $250,000. I would say we generally spend about $170,000 a house to do a bump-out and complete overhaul on about 2,500 square feet.
Q I’m looking for colour suggestions to change up a 1935 white brick house. Baltimore used brick then — hence the paint — and I can’t sandblast it to restore the original brick.
A (KW) I am doing a house right now that is inspired by the Ralph Lauren colour scheme; think really clean, creamy whites and navy blues. I’m painting the brick for the same reason and doing blue and black accents. The greenery that our landscaper has planned is going to pull it all together.
Q We noticed that Kortney’s signature touch seems to be open dish cupboards in which the plates are positioned vertically, like record albums. What are the advantages of this?
A (KW) I model a lot of the open cabinetry after European kitchens. Of course, we are a big family and use plates nearly every day, so I love the idea of being able to see them all up close. I find that they never get dirty sitting vertically. I’ve been experimenting with different colours on the interior walls, but it works best when the open cabinetry is busy (and by busy, I mean filled). If it’s too sparse, it just doesn’t look right.
Q How can I keep my couches from sliding over my Pergo floors? We tried using stick-ons from Home Depot, but with two young boys, they didn’t last long.
A (Dave Wilson) Kort’s advice is to invest in Velcro stickers from any hardware store and put them on the feet. My advice? Tell the kids that if they move the couch and scratch the floors, they are grounded for a week and have to pay for the new floors.
Q While I admit that the only DIY I’ve done is write the cheque to the person doing the work, I am interested in doing more myself. I don’t have any handy friends and will probably be doing most of the learning and labour myself, so I feel intimidated. How can a DIY blank slate get started and build confidence?
A (DW) Just dive in and you’ll gain confidence slowly. You can’t expect to build a house the first week. Start with something small that you are interested in, perhaps painting, carpentry or plumbing, and go from there. There are amazing tutorials on YouTube that can help you get started. Also, big-box stores and hardware stores often offer classes, and you can ask a million questions. People love sharing advice and what to avoid.
Q Curtains — yea or nay? I love them, but sometimes I find that they make a space smaller.
A (KW) I love the addition of fabric to a room, but it doesn’t work everywhere. For example, I am itching to build a very modern home for our family, but if I do, the window treatments will be nothing fancy, just straight panels, light in colour (possibly a very simple and contemporary pattern), and hung as high as possible. This will contribute to a clean look and not distract from the room itself. When the draperies start getting too fancy and overwhelm the room, they can feel distracting and cluttering.
Q I recently painted most of our house the Benjamin Moore colour Cloud White. I’m thinking of painting all the interior doors a medium charcoal grey to make them stand out. What do you think?
A (DW) I think that will look sharp. Just make sure you prime the doors!
Q Should I go with pre-finished or unfinished hardwood floors in my new house? I am so confused because my husband says that if we do pre-finished floors, we can’t sand them down.
A (DW) There are many prefinished hardwoods that can be sanded. You cannot sand laminate floors. Most flooring stores will guide you before you purchase.
Q Do you think the trend toward open shelving in kitchens will endure? It seems like it’s only for people who aren’t messy.
A (KW) Yes, I think it’s here to stay, but I also think people in general are trying hard to declutter their lives. The open shelving forces you to put things away and keep it clean, so it works for me. It’s also why I love no doors or glass doors on pantries. I used to let things pile up, but for what?