A Guide To Effective Flipping Renovations

After you purchase a property to flip, the real work begins. 

Renovation is one of the most critical steps in house flipping. 

You need to boost the property value, so that you can sell it for more than you paid for it. 

But you don’t want to renovate everything without a plan. 

It’s important to focus on renovations that provide excellent value. 

In this article, we’re going to look at some of the highest ROI renovations when you’re flipping a property. 

Kitchen Renovations and Improvements 

If there’s one place in a home you want to pay special attention to regarding home renovations, it’s the kitchen. Start by looking for affordable improvements that can be made without re-doing the entire space. Here are some ideas to get you going in the right direction: 

• Repaint cabinets instead of replacing them (this could save a few thousand dollars). 
• Install a composite countertop instead of granite or marble (this could save a couple hundred dollars). 
• Upgrade to energy-efficient appliances. Be sure to find ones with proven claims, though. 
• Replace old doorknobs and handles on sinks. 
• Upgrade faucets. A sleek modern faucet is a nice little touch for most kitchens. 

One key thing to keep in mind throughout this process: don’t over-improve a property. Remember, you want to be on par with the neighborhood homes and turn a profit. Investing too much money and time into a flip is almost as bad as not doing enough. Balance is your best friend. 

Replace anything that is old and worn. Kitchens are a high traffic area in most abodes, so you want things to look new.  

Appliances are an important part of any kitchen as well. Commercial appliances in good condition can be a key selling point for many buyers. Thus, it’s a worthwhile investment if you want to boost your property’s value. 

Bathroom Renovations and Improvements 

Next, and you probably could’ve guessed this one, we have bathrooms. Bathrooms have several expensive components that significantly alter their value. 

The most affordable way to improve a bathroom is by changing out fixtures. A matching towel rack, faucet, door hinges, showerhead, and door handle can make the room feel a lot different (not to mention more modern). 

New medicine cabinets and fresh paint are also good ideas. Painting will pop up many times in this article. The reason for that is that it’s an affordable way to quickly add value and improve aesthetics. 

Flooring 

If you need to replace the flooring in the property, hardwood is usually the best option. Buyers typically expect it, generally like how it feels and looks better than other options, and are often willing to pay more for properties with it.  

Carpet, due to its affordability and comfort, may be a better option for bedrooms or a basement. However, it’s best to be as consistent as you can with flooring. Thus, hardwood should cover the majority of the house. 

Even considering carpet’s lower upfront costs, many statistics favor hardwood floors and that matters when you’re trying to turn a profit. According to Alex Biyevetskiy, a home remodeling expert, new hardwood floors can add up to 2.5% to the sale price. The National Wood Flooring Association states that 90% of real estate agents say homes with hardwood floors sell for more. Hardwood flooring may be able to help your bottom line more than other kinds of flooring. 

Hardwood’s durability is a key part of its appeal as well. This kind of flooring has a longer lifespan than other options and can withstand more wear and tear. 

Painting 

While we’ve already mentioned it regarding specific areas of the home, painting deserves its own section, too. It’s one of the most affordable and highest ROI tasks you can undertake when flipping a home. It makes the place look better and adds value. 

Old paint that’s peeling is noticeable right away when someone views a home. Thus, the reverse is also true. Fresh new paint is something potential buyers will notice and enjoy, and stylistic additions like an accent color can increase the apparent value of the home even more.

Painting the interior and exterior of the property is a mainstay in the “flipping homes 101” playbook. Painting the home’s exterior is something that will pay massive dividends when you go to sell. 

Lighting 

Warm, inviting lighting creates a cozy atmosphere that helps make a property feel like home. Most buyers will instinctively know when lighting is good. It’s not something most of us actively think about unless it’s clearly off, but it has a large impact on our view of a house. 

Windows play a role in how lighting is perceived in a home. Large front windows that let in morning sunlight or a warm glow in the evening hours are a coveted feature and help give the home a fresh look.

Features like dimmer switches let people control moods in a space. This can add value to a dwelling.  

Another thing worth mentioning here is LED bulbs. These energy efficient appliances grow in appeal every year because they’re environmentally friendly and great for lighting rooms. 

Curb Appeal 

Don’t underestimate the “first impression” of the property you’re trying to sell. The more appealing a property is from the outside; the more likely people are to want to see the inside.  

Imagine driving up to your property for the very first time. What would be your honest initial reaction? If the answer doesn’t inspire confidence, you’ve got work to do.  

You can’t show off the great improvements you’ve made inside a home if no one wants to walk past the front of the house. Don’t make this mistake. 

Things like adding a stone walkway, new mulch or trimming hedges shouldn’t be overlooked. These aren’t expensive overhauls, and they can make a big difference. Here are some suggestions for curb appeal renovations to enhance property value when flipping: 

• Add New Plants: Time and location will have an impact on your options. However, an attractive flower bed with small trees, bushes, potted plants, colorful flowers can spruce your property up in no time. 
• Get Rid of Weeds: A surefire way to hurt your curb appeal is a yard infested with weeds. 
• Mow the Grass: A well-kept front yard significantly enhances curb appeal.  
• Use Driveway Sealer: It’s not going to break the bank and you’re going to have a much-improved driveway. 
• Sweep: Getting rid of debris on walkways, the driveway, and near the front door or welcoming entrance adds cleanliness and appeal. 

Conclusion 

When you’re trying to flip a house, you need to find improvements that are affordable with high ROI. This will give you an excellent chance of making a great profit.  

This article provides several tips that help you decide how to approach your flip and get the most out of your renovations and improvements.