If you are a fix and flip investor, you know the importance of renovating your properties in a fast and effective way. But sometimes it’s hard to figure out which are the renovation projects in a fix and flip that are actually worthwhile and will provide higher ROI, and which projects are ultimately a waste of time and money. Sound familiar? If so, you’re in the right place. In this video, we go over 5 essential renovations that every fix and flip investor should be sure to do on every project. We’ll go over the details of each one, and why they are effective. That way you’ll get a sense of what fix and flip renovations are the ones more important to you. And you can save time, money and effort by skipping the renovations that don’t actually help sell the house more effectively. So if you are a fix and flip investor, check out this video today!
In order to make money on your flip means that you have to carefully consider where you’re going to spend your money. Certain renovation projects give more of a return on investment than others. In this video, we go over five essential renovations for any fix and flip property.
Cleaning up the landscaping is a good place to start. Pruning bushes away from the exterior of the home, and creating defined planter beds can change the appearance of the outside. Add some color in the form of flowering bushes or other types of flowers. If the front door is still in good shape, class it up by adding a fresh coat of paint. Select a color that will provide a point of interest when people see the property. Consider having the roof cleaned instead of replacing it as this can give the appearance of a new roof without having the extra expense.
You don’t have to completely gut the kitchen and start over from scratch. Using the old cabinets is one way that you can stay within budget. If the kitchen design isn’t functional, look at other ways that you can make it so like removing and rearranging the cabinets into a more conducive pattern of flow. You could add a fresh coat of paint and new hardware to change the style elements in the kitchen. Or, consider replacing items judiciously so that you can make the kitchen appear more modern without breaking the bank.
HGTV.com says that even a minor bathroom remodel stands to return 102-percent of value. When it’s possible, keeping the plumbing in the same location will save you a lot of money. Add a fresh coat of paint to the vanity, and use similar countertop materials as the kitchen. You don’t need to replace all of the bathroom fixtures, either. Consider giving them a deep cleaning in order to make them appear new. You can also refinish them to save a little bit of money. Select materials that are of moderate quality so that you can stay within budget. Lastly, sprinkle design elements throughout to make the bathroom appear more modern.
Basements are a great place to add some extra living space. Adding bedrooms and bathrooms into this area will also increase the sale price of the home. This is something that you should take into consideration if the home is on the smaller side. For example, if the home is a three bedroom with only one bathroom, this renovation will give you a better return than if the home already has four bedrooms and two bathrooms. In homes that are larger, adding a family room will give you a greater return on your investment.
Having an accent wall in the living space can generate more interest in buyers. You can also do this in a bathroom by selecting accent tiles for the tub or shower surround. Another project you can do is to add a more expensive backsplash behind the stovetop. The point is to give the impression of the home not being exactly like every other home in the neighbourhood
The first step to any fix and flip remodel is funding. If you are a fix and flip investor, call Orchard Funding at (310) 356-7373 today! You can talk to a loan adviser to secure what you need to have your properties give you the best return on your investment. And before you go, if you enjoyed this video, be sure to like, comment and subscribe!
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