Back in the early 2000s, house flipping became a big industry with many inexperienced and unscrupulous people taking advantage of the lax regulations. These days, regulations on house flipping have thankfully tightened, which means investors who play the game these days must make some sort of remodeling effort or improvement for the home they flip to be competitive in the market. That said, here are several tips to help you get the most for your efforts when flipping houses.
Work with the Same Contractors
Many contractors offer discounts for volume work. If you find that a contractor does good work, try to stick with him for all your home improvement needs to ensure you get the highest quality work at the best price.
Time is money in the house flipping game. The longer it takes to make improvements, the more money it’ll cost you out of pocket. Try to complete any maintenance and repairs in as short a period as possible to reap the biggest profits.
Focus Improvements on Kitchens and Bathrooms
It’s a known fact that most home buyers head straight to the kitchen as soon as the agent unlocks a home for sale. This is because the kitchen is considered the heart of the home. The second most popular room in any home is the master bathroom. If you only remodel two rooms in a home you intend to flip, make them the kitchen and the master bath.
Consider Hard Flooring Options
Carpeting is so last year. These days, hard flooring options like hardwood floors, laminate flooring, ceramic tiles, and luxury vinyl flooring are what’s trendy. If your home has natural hardwood flooring underneath old carpeting, get rid of the carpeting and bring the hardwood floor underneath back to its natural beauty.
Add More Storage Space
Regardless of the size of a home, there never seems to be enough closet space. Prospective homebuyers like closets – the more the better – so adding closets where it makes sense is a good idea.
That said, adding a closet in a large, spacious room where none existed before, allows you to call it a bedroom, which is appealing when selling a home.
Increase Curb Appeal
Studies show that buyers won’t even want to look at a home whose exterior is worn and unappealing. Broken windows, peeling paint, and an unkempt lawn may seem like minor issues, but when they make the first impression, you’ll be hard-pressed to get buyers past the front door.
Spend some time and money on creating a beautiful exterior for your home. Keep the yard in good shape, give the outside of the home a fresh coat of paint, and fix any “minor” issues that draw the eye and create a less-than-perfect façade.
House flipping is a great way to make a profit, but if you don’t invest a little time and money to the cause, you’ll have a hard time being successful at it. Make sure you consider the points listed above to ensure you see the biggest profits from your house flipping ventures.