Flipping a house can be a lucrative way to make money — and can also be creatively rewarding. It has gained in popularity with the success of TV shows such as HGTV’s Flip or Flop.
However, it is necessary to know a little about the market and also alternatives to improve the profitability of your property, such as the reform to value property.
In such cases, a good makeover can be done with little investment and will bring many benefits when flipping a house. This can increase the profit margin and makes this operation much easier to do.
If you do not know the best way to carry out a renovation for improving and flipping a house, check out more details!
Performing some repairs and modifications to a house or apartment may be valid as a tiebreaker for a buyer who is deciding on the options available. In addition, a renovation will maintain the conditions of use and the good condition of the property.
The main objective with flipping a house is to ensure the value of the good and gain the possibility of faster selling.
Key points for flipping a house
Prioritize safety and aesthetics
It is important that the renovation tries to prioritize the safety and aesthetic aspects of the house or apartment, trying to totally eliminate the most serious damage present in the property.
Focus on points such as electrical installation, finishes that are broken, and wall paint. When the property is older, it is important to modernize the electrical points, both for standardization and for safety. Invest in the installation of new electrical points, change the sockets, lamps and luminaires. Also review the overall framework to ensure the supported electrical charge.
With regard to coatings, it is very important to change the floors, which tend to wear out a lot with the time of use and may have problems in grout, ceramic parts or broken wooden clubs. Invest in a more modern floor that prioritizes aesthetics and brings improvement to the state of the property.
The painting of the walls is one of the simplest things to be done when flipping a house, and end up bringing an immense appreciation in the aesthetics of the property. Bet on neutral colors like white, ice, beige or sand, which bring the feeling of cleanliness to the environment. The good painting of the wall and doors provides breadth to the rooms and satisfy potential buyers.
Avoid major structural reforms or specialised solutions
The changes in the structure of the property when flipping a house involve reforms that have a higher cost and often end up not meeting the needs of future owners, since they print much of the personality and tastes of the current owner.
Therefore, it is important to avoid this type of structural reform or specialized solutions, as greater investment will be needed. If you decide to tear down the walls of a room, for example, you may end up pushing away a buyer who has a large family and needa greater amount of rooms.
With regard to aesthetic aspects and minimization of damage of the property, it is essential that the reform values simplification. Try to opt, for example, for coatings that are easy to clean and maintain and will make life easier for residents, as well as standardized outlets and lighting throughout the house or apartment.
What are the cheapest steps that offer best return?
It is important to analyze in a reform what are the cheapest expenses and that provide a better financial return for the investor, in addition to bringing the appreciation of the property. Here are some interesting options that enable a better cost-benefit:
- New pipes and taps for better appearance and operation;
- New door handles on doors;
- New painting on walls and doors;
People who are interested in your property will surely observe what conditions it is in. If it is not in the best condition, it is likely that the buyer will look for other properties that look better and better taken care of.
There is no exact value or a plan for this type of renovation when flipping a house — everything will depend on the state of conservation of the property.
The most appropriate is to make a list of all the rooms and look for problems that may interfere in the negotiations, for example, an infiltration in the ceiling can be caused by the water pipe, and a reform of these will mess with pipes and connections, in the electrical part, structure, painting, lining, among others, which will decrease your profit margin.
In this way, make a checklist and try to point out all the problems in all the rooms of the house. See which ones really need a good makeover.
What is worth renovating when flipping a house?
This is the most important question in how you determine if it’s a good investment. After the checklist, if no serious problems are found, there are some places of the property that you can with low investment, give a renewed in the appearance of your property and help accelerate the sale of the same, they are:
The internal painting is one of the reforms that you should invest in when flipping a house — it has the function of transmitting the feeling of a clean house and values your property higher.
Try to invest in paints of neutral and light colors, because a house of neutral color has greater chances of pleasing the potential buyer and the light color brings the feeling of more space.
The exterior painting really up-values the property. Everybody remembers the phrase: “the first impression is the one that stays.” In the sale of a property, it makes perfect sense.
Everyone likes the feeling of a new home, and the exterior painting manages to leave a good impression when flipping a house, as well as show the future buyer that this can be a good deal.
Prioritize light, vivid colors that translate joy, happiness, make the buyer imagine himself living there. A good suggestion is lime green, sky blue, or shades of orange or beige.
Bathroom floors and ceramics
When when flipping a house, it is often important to change the floors and ceramics of the bathroom. These are environments that usually wear out the most over time and daily use.
A cozy and clean bathroom, causes the feeling of cleanliness and new house, so choose neutral colors. Now if your property is high standard, it is possible to apply liquid porcelain tile options where there is no need to remove the floor, generating good savings.
Electrical and hydraulic repairs
The repairs and / or modernizations in the electrical and hydraulic installations help to sell the house faster and bring more appreciation to the property, because the buyer will feel safer in acquiring a house in which there were repairs in the electrical and hydraulic area. These are complicated areas and that in many cases can generate headaches when there is no regular maintenance.
Take care of the yard and garden
Do a clean in the garden and yard when flipping a house. If applicable, trim the grass, clean the pool, make external repairs, these details bring the buyer closer and delight him with a well-kept environment.
Keep an eye on the costs, do what adds the most value, and generate a better profit at the end!