When taking on a fix and flip project, you’ll want to ensure that you not only get the property sold as quickly as possible; it will be just as important to obtain the highest possible sales price so that you obtain the maximum return on investment (ROI). Focusing on the following areas of a fixer upper will help increase your returns as much as possible.
Updating Bathroom Fixtures
This is by far one of the best projects that can be completed on any fix and flip property to maximize its appeal and selling price. Although it may not be in your budget to totally gut and remove tubs, shower stalls, sinks and toilets, replacing items such as vanities and faucets will be a big help. Standard stainless steel fixtures are usually the best option, but copper has been making a comeback as well.
Although this won’t apply to all properties, having siding replaced is probably one of the best ways to increase the value of your fix and flip home. A home’s curb appeal is usually what potential buyers see first, so it’s crucial to create a good impression right from the beginning. Siding that is cracked, chipped or looking weathered will be a tremendous turn-off to many buyers.
While carpets may be welcoming during a cold winter, most property owners no longer want to deal with the care and maintenance that goes along with having them. In addition, carpeting also has a way of making even the newest home look outdated.
If your fix and flip still has carpeting in one or more rooms, consider replacing it with laminate, vinyl or even engineered hardwood flooring for an instant appearance update.
A home’s kitchen is where the most activity and entertainment usually take place, so it makes perfect sense to update this part of your fixer upper with decent appliances – with smart appliances coming out on top of the list these days. Installing new appliances will help potential buyers to envision themselves spending time in their new kitchen and enjoying using them while entertaining friends or family.
When choosing appliances, it’s recommended to opt for mid-range models that won’t break the bank, but that will still look good and function well.
Expanding Outdoor Living Areas
If the fix and flip you’re working with has a decently-sized backyard, consider adding some outdoor living space to it – or improve on what may already be there. For example, if there’s an existing concrete slab acting as a patio area, consider incorporating a deck that’s large enough for seating and entertaining. In cases where your fix and flip budget allows, you could even include an outdoor kitchen area.
Although it can seem difficult to determine which improvement projects will give you the best ROI, the above-mentioned options will provide a good starting point. If you need to obtain financing for your project, get in touch with us today to see how we can assist.