Reality TV programs featuring adventures in flipping homes for resale have prompted many people to invest in fix-it properties of their own. While many first-time flippers agonize over which repairs to focus on to ensure a quick flip, they often end up spending too much money, or the home ends up sitting on the market too long.
Unless the property is in a high-end neighborhood, you do not need to completely upgrade the entire home in order to sell it quickly. Most buyers are looking for certain qualities in a home; make these sell the home for you. Here's what you need to focus on to sell your flip property quickly:
The Heart Of The Home
One of the main areas buyers scrutinize the most in a home is the kitchen. This is where people spend a lot of time, so the kitchen needs to be appealing—clean, functional, and upgraded. A large portion of your budget should be devoted to the kitchen alone.
During the renovation, completely remove old cabinets, countertops, and flooring. Get rid of old, nasty appliances. If the kitchen is small, look for walls that can be demolished in order to enlarge the room.
When choosing cabinets and countertops, install a neutral design and color, or find out what the latest trends are. A flip is not the time to satisfy your wild side, so forget about trying red counters and leather-bound cabinets with old barn-wood floors and braided straw walls. Not everyone appreciates your taste, so keep it impersonal. Appliances do not need to be top-of-the-line unless the home is ultra-posh, so go with a nice stainless steel set.
What's Down Below?
After the kitchen, buyers will be aware of what they are walking on. The flooring melds the entire home together seamlessly, and new flooring makes even an older floorplan look attractive. If possible, use any existing hardwood beneath old carpet or linoleum. Sand and finish those floors—solid hardwood floors are a timeless trend.
If there's no hardwood, consider laminate, engineered wood flooring, tile, or new carpet. Kitchens should always have hard flooring, and bathrooms require a water-resistant flooring such as tile.
Hot And Cold
Older homes may have questionable heating and cooling systems which need to be updated or replaced, which provides your potential buyer with long-term savings. A contractor from a company like Moore Heating & Air Conditioning Inc should be able to inspect the furnace and apprise you of its condition and any potential repairs or costs. At the very minimum, install carbon-monoxide detectors in the home.
If the home is old enough that it is has electric or steam radiant heat, there may not be any ductwork. If the home relies on ancient window air conditioners, this may the time to consider installing a central air system or a ductless cooling system. These systems will provide significant energy savings. Other ways to boost the energy efficiency of the home are:
- Inspecting insulation in the attic and plugging any gaps to keep out heat and cold
- Weather-proofing windows and doors by adding weather stripping or caulk to stop drafts
- Installing a programmable thermostat to save up to 10% in energy costs
Once the interior renovation is complete, it's time to finish up by working on the curb appeal. This means more than just mowing the lawn and planting flowers.
- Control unruly trees and shrubs by pruning or removing them completely
- Choose one focal point that grabs attention. This can be a single decorative tree, a colorful flower bed, or the front porch.
- Use lots of mulch! It is inexpensive and highlights borders, trees, and beds, while providing visual appeal.
By focusing on these four flipping tips, you can turn your fixer-upper into a home that sells quickly.