If you’re interested in turning the highest profit possible from your fix-and-flip project, it’s important to focus your budget on the right improvements. Below, you can learn more about five of the absolute best projects to tackle for increasing the return on your investment.
#1 – New Siding
Though this won’t apply to all homes, replacing siding is one of the absolute best projects you can take on if you really want to improve a home’s value. The home’s curb appeal is very much a first impression, and you want potential buyers to be impressed. Chipped, cracked siding is a big red flag, so investing money in replacement siding is a phenomenal way to improve the home’s exterior and add some extra value.
#2 – Modern Bathroom Fixtures
Another great investment that will help to improve a home’s overall value involves modernizing the bathrooms in the home. Though completely gutting them and installing all-new tubs or shower stalls, toilets, and sinks may not be in the budget, in most cases, you can replace vanities and fixtures at a good price. Traditional stainless steel is always a great choice, but brushed nickel and even copper are also exciting choices if you want the bathrooms to stand out.
#3 – Hard Floors
Though carpeting can be welcoming in the cold winter months, the truth is that most homeowners can do without it. It’s difficult to clean, especially in homes with children, and it doesn’t have the same sophisticated, modern look as a hard floor. Actual hardwood can be expensive, so if it isn’t in your budget, consider one of the numerous high-quality laminate wood floor options available. They look like the real thing and they’re just as easy to clean as hardwood, too.
#4 – Kitchen Appliances
Many families spend a great deal of time in their kitchens. It’s where entertaining takes place, and it’s often the central hub for planning activities. Spending some of your budget on new kitchen appliances – and preferably smart appliances – is a great way to add value to any home. When potential buyers come to tour the home, they will be able to see themselves using that brand-new six-burner induction stovetop, the double oven, and the massive side-by-side refrigerator.
#5 – Outdoor Living Space
Finally, if the property you’ve chosen allows for it, consider adding some sort of outdoor living space – or perhaps even improving what’s already there. For example, instead of a small concrete slab for a back patio, consider building a large deck complete with a space for seating and entertaining. You might even choose to add a built-in outdoor kitchen area if you can fit it in your budget; this is one of the hottest trends in 2020 and something that many would-be homeowners search for.
Turning a profit on your fix-and-flip real estate investment can sometimes be a bit tricky, especially if you aren’t sure where to spend your money in terms of renovations. The five projects above provide a high return on your investment by making the home more desirable to buyers, both inside and out.