If you’ve recently purchased a property to resell, chances are that it will need at least a few improvements to be done before being sold. However, it’s essential to focus on having the right renovations performed – those that will make your property as appealing as possible to potential buyers. Below are some renovations that should be performed with your next fix and flip project.
Update that Kitchen
Performing a major kitchen upgrade will increase a home’s value by up to 55% of the cost of the renovation project. For example, spending $20,000 on upgrading the kitchen will increase the value of the property by approximately $11,000. A better-looking kitchen will also attract more buyers because it will provide them with a higher quality of life overall, especially if good quality finishes and appliances have been installed.
Beautify the Bathroom
Bathrooms are similar to kitchens in that they can become outdated within a decade or two, so if the home you’ve purchase for fix and flip purposes still have that avocado green toilet pan, sink and bathtub, it’s time to do some upgrades.
Renovating a home’s bathroom will provide a similar return on investment to that which you’ll see with a kitchen upgrade. In addition, installing new plumbing fixtures could also help save a lot of water over time – another aspect that will make your fix and flip property more appealing.
Flooring
The age and overall condition of a home’s flooring can make or break a sale – especially if shaggy carpeting and worn linoleum are part of the deal. Upgrading outdated flooring with solid wood, engineered hardwood, tiles or even some of the new types of vinyl will go a long way in helping your property stand out as much as possible to potential buyers.
Consider that Curb Appeal
Whoever said that first impressions are lasting wasn’t wrong, especially where preparing to sell a home is concerned. Performing virtually any type of renovation, repair or upgrade to the exterior of a property can add a substantial amount of value, while also increasing its curb appeal.
Projects such as replacing faded or damaged siding, upgrading landscaping and applying a fresh coat of good quality paint will all help your fix and flip house stand from the rest that are on the market.
Revamp that Roofing
Roofing that is grimy or damaged will not only cause water damage to the inside of a property; it will make a home look shabby as well. Even something as simple as power washing your fix and flip property’s roof and giving it a coat of fresh paint will make a home look a lot better than others on the block.
Although it may cost a little money to make improvements to the property you intend selling for a profit, the saying, “You have to spend money to make money” certainly applies in this scenario. If you would like to apply for a loan to cover the cost of repairing your next fixer upper, contact our team today.
