If you’re doing a fix-and-flip, you probably want to choose a house that doesn’t need a lot of work. But you have to complete the right renovations to add value to the property — so it’s worth your time.
Here’s a complete list of the renovations that are usually most worthwhile in terms of increasing your asking price.
Repaint as Much as Possible
Paint is fast and cheap. Consider:
- Painting your front door rather than replacing it.
- Painting the interior of your house, including accent walls, to change the look and feel of each room.
- Painting the exterior of your house to improve your curb appeal.
All of this will make a property look newer.
Replace Small Fixtures
Small fixtures often cost just a few dollars and give a property a more “unified” and conformed appearance. Consider:
- Replacing the fixtures in your kitchen to update and modernize them.
- Installing new doorknobs for some additional flair.
- Installing new lamps or new ceiling fans.
- Replacing the fixtures in your bathroom, especially if they are older.
Keep in mind trends change. Yesterday it may have been brushed copper, today it may be steel.
Renovate the Bathroom
A lot of people look at the kitchens and bathrooms first. For the bathroom, focus on luxury, utility, and comfort. Consider:
- Installing a brand new tub, with new features such as whirlpool jets.
- Replacing the sink with something more modern and updated.
- Re-tiling the bathroom to make it look fresher and newer.
If you’re investing money anywhere, it should be the kitchens and bathrooms first.
Update the Kitchen
A kitchen renovation doesn’t have to be that expensive. There are changes you can make that will be affordable:
- Consider changing your cabinet doors if you don’t want to entirely replace the cabinets.
- Refinish or paint existing cabinet doors if you don’t want to replace them.
- Change up fixtures, including changing up the sink fixtures to more “upgraded” fixtures.
- Consider investing in new appliances; people love new appliances.
Spend your money in the kitchen first; it’s the room people spend the most time in.
Redo the Floors
The floors of a property can have a significant impact, as it’s one of the major things you look at when a home is empty.
- Refinishing wood floors, if they can be refinished, and staining or painting them to make them look more modern.
- Putting affordable new flooring in, such as linoleum, carpeting, or vinyl.
- Alternatively, adding a stipend in the final contract for new flooring of the new owner’s choice.
It’s usually not worth it to put in expensive floors unless it’s a luxury property.
Improve Your Curbside Appeal
Of course, the first thing people see is the outside of the property. Consider:
- Invest in new landscaping and new turf.
- Consider painting your house exterior or installing siding.
- Replace your old garage door or your entryway door.
- Get new windows that are energy-efficient and attractive.
The above investments are all low-cost investments that can improve ROI. But they still cost money. If you need to know more, contact IMC Money.