When fixing and flipping a property, there are parts of it where renovation costs can be reduced and others where you should spend a decent amount if you intend to get the best return on investment (ROI) possible. Here are some of the areas of a property that you should focus on when fixing and flipping for profit.
Overall Structure and Foundation
Although these aren’t fixtures as such, they are two of the most important aspects you must consider when inspecting properties as potential fix and flip units. Any issues that are present with these two areas of a home will be costly to address and repair. If problems are identified with these two areas during a home inspection, you’ll be better off investing your time and money elsewhere.
Moving to the Kitchen
In 99% of properties, kitchens end up being a home’s main selling point. As such, this is not an area where you want to try and cut costs on appliances or finishes if you can help it. Buyers nowadays want kitchens that have been recently updated and in most cases, white in color with darker granite countertops.
When looking for appliances, take the estimated value of the home into account before making a purchase. It’s not a good idea to purchase the largest refrigerator you can find if the home you’re flipping is only suitable for a smaller family, for example. Ensuring that new appliances are energy efficient can also be a great selling point.
On to the Bathroom(s)
A bathroom tends to be the second most important room in a home when fixing and flipping for profit, so it’s important to focus a little more on your budget here. Replacing older tiles with more modern and neutral-colored alternatives, updating fixtures such as sinks, tubs, and faucets will go a long way in making your fix and flip the property as appealing as possible to buyers. Decent light fixtures are also an absolute must.
If the property has more than one bathroom and funds are limited, be sure to focus most of your efforts on the master bathroom. In many cases, a simple coat of paint and replacement of fixtures such as towel rails and light fittings will be sufficient in second bathrooms.
Don’t Forget that Flooring
All of the updated fixtures and new appliances in the world will not render your fix and flip property appealing to buyers if the flooring has not been replaced.
These days, most buyers are looking for flooring that not only looks attractive, but that will also be easy to care for overtime. Options such as tiles, vinyl, laminate, cork, or even solid hardwood have become extremely popular choices.
If you would like to learn more about fixing and flipping homes for a profit or how you can obtain the finances needed to take on projects like these, get in touch with our team today. We look forward to helping you to obtain the funds you need to get started in the world of property investments.
