Real estate investing has many ways for you to get involved and make some dough.
One of the easiest is to buy homes in need of repair, fix them up, and resell for a profit.
Trouble is some investors do too many repairs, some don’t do enough.
What is the happy medium?
Where can you get the most return from your renovation dollars?
Having done a few fix and flips ourselves, we learned a lot plus talking to some of the investors who we help with private money loans, we learned even more.
Next we went online and dove deep into the top real estate websites and here are the top 6 items you should always repair or upgrade when doing a flip. (or at least put on your checklist)
Be advised that this is a general list and is for a warmer climate.
If you are flipping in the east where temps can get below freezing a lot, then please double check the norm for your area.
1. Attic insulation
“Remember that energy is always trying to move from a higher state to a lower state. Insulation in the attic combats the rising heat during winter that is trying to escape out through your roof.
In the summer, radiation and convection of heat from the roof to your ceilings is slowed with that same attic insulation, so it serves a double purpose. Read more”
2. Interior & Exterior paint
“The cost of do-it-yourself interior & exterior painting is so low, it’s almost like remodeling without touching your bank account,” says Debbie Zimmer, spokesperson for the Paint Quality Institute.
3. Garage Door
Something to always keep in mind; make the curb appeal of your flip home shine and stand out.
When prospective buyers pull up, the front of the home must “pop” and of course, attract the female.
New, semi-fancy garage doors can completely change the look of the home.
Make sure to include a decent garage door opener.
4. New Front Door
Purchasing and installing a new front door really is the final touch on the exterior.
You can find decent pre-hung, insulated front doors starting around $300 at Home Depot or Lowes.
5. New Interior Flooring
Check the flooring. Most flips we did, we replaced the carpet and replaced any floors that had vinyl with tile.
The quality of the tile will be dictated by the price of the homes in the area.
The larger sized tile at 18″ looks very good and is inexpensive these days.
New flooring along with fresh paint always makes the interior of the home sparkle and look new.
6. New Kitchen Appliances
The final piece de resistance when doing your flip is to purchase new appliances.
The kitchen is the 2nd most lived in room in the house and guess who spends most of their time in there? The female.
Appeal to her and you will sell the home.
Plus, who likes to buy a new home and cook on a used stove?
One last tip. Buy neutral colored flooring and appliances.
What is in style today, may not be in style in 3 years.
Purchase good stuff but don’t go overly wild with colors.
Last thing before placing on the market, get the home professionally cleaned and landscaped if needed.
That new flooring and paint will super-pop when the home smells clean.
Having apple pie smelling air fresheners works well too.
Happy house flipping!
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- Real Estate Investing Question: Should I Flip or Hold the Property? - April 14, 2017