When it comes to flipping properties, renovating a condo rather than a single-family home can be a great option. With a condo renovation, not only is the property smaller than the average home, but you also do not have to budget for exterior or roof repairs, sewer issues and outdoor amenities. You will, however, need to worry about demolition logistics, materials timeline and HOA standards to keep the renovation on track, on time and on budget.

A small space, like a condo, can also be an easier jumping off point for the first time flipper. Here are some important items to keep in mind when flipping a condo.

1. Adjust your timeline and budget for a smaller project.

Smaller property flips move quickly. Preplanning your timeline and budget cannot be missed. Make sure you order your cabinets and countertops on the day of closing, and if a particular material is back ordered, you’ll likely need to choose an alternative that you can get into the property fast.

Also, like all fix and flips, you must have insurance to properly ensure a smooth project. Identify if your potential property is FHA non-warrantable before purchasing. It’s not insurable if the property value is under $250K. If you are selling a lower end property and the buyer needs 3% down payment, the building must be approved. This may drastically limit your buying pool.

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2. Demo day(s) get messy. What precautions should you take?

Be aware of the building’s HOA protocol for demolition debris removal and make a plan. Are you required to use trash bags? Is there a trash shoot nearby? Are there stairs that must be taken? Most buildings will not allow dumpsters for removal. Make demo day plans that simplify your renovation and are HOA compliant.

Keep in mind that there can be an extra cost in demolition for more handling and removal of debris and for material transport. Will workers have to travel up and down stairs or elevators? This may limit the types of materials you want to place in the space.

Eventually, you will need to shut the water off for plumbing updates and repairs. The HOA may only do it once a month. If so, you may find yourself sitting in an unfinished condo, unable to make progress for weeks at a time. To avoid this, find a good contact on the HOA board for advice when these restrictions become barriers to completing work.

3. Identify your neighborhood demographics.

Are the building’s primary residents millennials looking for ultra modern, open space with lots of natural light? If so, consider opening up walls as much as possible.

On the other hand, if your demographic is 55 +, design the flip with accessibility and comfort in mind. Traditional design decisions will likely suit your potential buyer’s style.

Lean on an agent for input as they usually have relationships with condo communities. Your “in” with an agent gives you another property source as well.

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4. Flippers are limited by the building’s exterior and amenities.

When you first evaluate a property, remember that you are unable to change the curb appeal of a condo flip. If the outside of the building looks subpar, potential buyers will assume the interior of the property is comparable.

Also, parking can be a concern for potential buyers. Is there street parking outside or is there a heated garage with a deeded space? Make sure you properly advertise amenities such as parking, pool and fitness centers.

By creating positive relationships with the HOA, building agents and contractors, you can make condo renovations smooth, and possibly find additional opportunities in the process. These flips go by fast so ensure that you dial in on your timeline and budget, and always check the comps.

For more on sourcing flip properties, check out 4 Foolproof Ways to Source Your Next Flip Property.