Flipping a house is a big undertaking, but…
real estate entrepreneurs who are in touch with what home buyers want will come out on top.
The majority of homes flipped in 2018 took an average of 183 days to complete, an increase from an average of 179 days for homes flipped in 2017 according to a recent report by Attom Data Solutions. The reason that flippers are spending extra days on renovation could be because they are taking more time to implement the latest trends and fashions before selling their properties- a surefire way to raise the property value.
Adding some of these sought-after upgrades to your next house flip could impact the value and resale potential of the property. Investing in these upgrades, even if it extends the flipping process, is worth it for these flippers to maximize their ROI.
If you’re planning on flipping a property, consider adding these valuable upgrades and features to your next property:
Keeping Up With The Kitchen
Well-outfitted and modern kitchens have consistently been measured to be the most desired part of any property for potential home buyers. High quality countertops, stainless steel appliances and integrated smart technology have ranked as some of the top kitchen features of the year so far.
There are plenty of cost effective ways to upgrade a kitchen for potential buyers without breaking the bank. A recent trend in kitchen design has been including darker or even black cabinets in your kitchen. Darker cabinets can add a richness to the room, but flippers should bear in mind that it might not be a good pick for smaller kitchens or kitchens with less natural lighting as it will have the opposite effect. To get the look without replacing cabinets completely, consider painting existing cabinets, replacing the handles and install some under-cabinet lighting to make the room better-lit and feel warmer.
Bath and Beyond
After kitchens, bathrooms are the spaces home buyers check carefully before deciding to purchase a property. For 2019, bathroom trends so far have included adding lots of natural light, exposed fixtures in distinct metals contrasted with neutral color palettes, open-concept designs and more.
To maximize the effect of the bathroom without spending too much, flippers should turn to repositioning first. Arrange the bath, sink, toilet and vanity in a way that maximizes the available space and light. A good way to make a room seem bigger is to place mirrors or reflective objects in strategic spaces as it will add light and depth to the room.
To bathe or not to bathe? Many flippers have in recent times opted to skip out on doing a bathtub installation, but this could be a mistake that puts off buyers with younger children. Don’t throw out the baby with the bathwater – invest in retiling and adding new taps and fixtures to the existing bathtub to keep it more affordable. More than in any other room in the home, lighting is the most important for in the bathroom, particularly above the vanity or sink mirror. Direct, overhead lighting can be unflattering and cast shadows, making the space seem smaller- instead add sconce lights to the sides of the mirror.
Floored by Flooring
When surveyed, nearly 55% of potential home buyers stated that they would pay more for a property that has hardwood flooring. Hardwood flooring has been a favorite of home designers for centuries, and it’s not hard to see why. Hardwood floors can add warmth, a touch of luxury and more value to a home.
Over the short-term, the installation of hardwood floors can be more expensive, but the long-term benefits are numerous. Hardwood is easy to clean and less likely to get damaged- these floors can literally last generations with minimal maintenance and repair, making it a seriously sought-after feature to homebuyers. If you’re lucky enough to have a property in mind which already has hardwood floors, consider having them refinished. This not only drastically changes the look and “newness” of the floor, but is much more cost-effective than installing a new floor. For a cheaper solution, there are long-lasting laminates which are styled to look like hardwood floors, but without the high price tag.
King-Sized Closets and Co.
Closets and closet space have also ranked as desirable features for home buyers. Closets not only hold clothing and other essentials, but also offer additional storage space which is desirable particularly to older home buyers who have accumulated more belongings, as well as to younger families with children.
Adding closets to rooms that don’t have any also lets sellers reclassify these rooms as second and third bedrooms, allowing them to increase the overall home price. Cleverly designed and placed closets can add to the space of a room, making it feel not only bigger but more organized (think shelves and other storage nooks and crannies). It is important to note that potential buyers will often look at cupboards when considering a property, so make sure that they are fixed up prior to any viewings! To elevate closets without replacing them, consider painting them, lining shelves with unique wallpapers or other smaller, less expensive touches.
There are plenty of ways to keep your latest fix and flip in touch with the latest trends while remaining cost-effective. Adding upgraded fixtures and features to kitchens, bathrooms, flooring and closets will add value to the property for sellers, and while it can lengthen the fix and flip process, reselling the property will be easier. You can flip your house without flopping, even on a strict budget. Real estate entrepreneurs can maximize their ROI potential by investing more time in these spaces, and even smaller fixes and changes can increase the property asking price.