Most home flippers struggle with their first couple of properties, because it can be difficult to determine where to allocate renovation funds. Where do you spend and where do you save? What matters most to buyers? And how do you decide? Use the tips below as a guide.
Always Focus on Necessary Repairs First:
When planning a home renovation, the majority of your budget should be allocated for things the buyer will appreciate, but never really see. This includes things like plumbing upgrades, advanced electrical and communications wiring and upgraded HVAC systems.
Once all the basics are covered, it’s time for the fun part. Use the remainder of your budget to select fixtures and finishing touches that will wow potential buyers. To start…
Trick out the kitchen:
It’s not necessary to buy top-of-the-line appliances, but taking special care to make the kitchen into a place your buyers enjoy spending time is a worthy expense. Consider installing a double wall oven and cook top rather than a slide-in range or add a warming drawer in addition to a microwave/convection oven. Also, use modern materials and open layouts where possible to create a clean, inviting space that will have buyers saying, “I love it!”.
Next, focus on baths and master bedrooms:
These are the home spaces that “sell” buyers. Use paint, window treatments and decorative touches to transform the master into a relaxing oasis. In the baths, use sink fixtures with built-in storage to make the room more functional. Save money on bathroom counter tops and floor or shower tile by visiting the bone yard of a local stone fabricator to score great deals.
Pay attention to details:
Little things can really pull a space together. Make sure all the door handles in the house match and the handles match the hinges. Now, you don’t have to get carried away to the point where all metals in the house have to match exactly, but you should at least choose colors and styles that compliment one and other and use them consistently.
Incorporate eye candy wherever possible:
Be creative with your resources to make your space feel expensive. To accomplish this, use high-price travertine tile in the entry to give a great first impression, then transition to ceramic or porcelain tile in other rooms. Or, intersperse a line or two of pricey metallic or glass tile into inexpensive field tile to add some sizzle to the kitchen back splash and tub/shower surrounds.
A good eye for design and your ability to recognize a great deal will make all the difference in how far you can stretch your dollar with your flip house renovations.
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