Real Estate Flipping Tips: Upgrades That Matter
Posted by JD Esajian // April 15, 2011
When you’re rehabbing properties, it can be tough to decide which upgrades deserve the time and money and which ones don’t matter. From flooring to walls, there are some upgrades that you simply can’t skimp on. Next time you’re rehabbing properties, follow these real estate flipping tips to ensure that you’re making upgrades that will increase the property value of the home:
- New floors. Flooring can command a lot of money from potential buyers. Stained or soiled carpets or hardwood floors in terrible shape can turn buyers away. Upgrading the floor to ceramic tile or decent hardwood can be an investment that pays for itself.
- Light fixtures. When you’re rehabbing properties, make sure to take a look at the lighting. Install lighting in dim rooms to make them more light and airy, and update the light fixtures in rooms that could use a little TLC. Simple changes, such replacing track lighting with more modern fixtures, can make a huge difference in the look of the property.
- Painting. Almost all flips require painting at some point, so get your rollers ready. One of the biggest real estate flipping tips is to keep paint neutral and bright throughout the house. Dark or colorful paint can overwhelm potential buyers and make them look elsewhere.
- Landscaping. Curb appeal draws in buyers, so you shouldn’t skimp on landscaping. Bright plants and a lush green yard makes your property look more appealing and well-kept.
- Finished basement. If you have money to spare in your budget, you might consider finishing the basement. Many buyers are looking for extra space, so finishing the basement to be a den or other living space may help you sell the property quickly and for more money.
- Bathrooms and kitchens. If you’ve been reading real estate flipping tips, you know to “follow the water” and upgrade bathrooms and kitchens. While buyers are typically willing to repaint or even replace flooring, a home with an outdated kitchen or bathroom can seem like too much of a “project” for new homeowners.
Rehabbing properties can be a fun way to get into real estate investing. If you’re looking to flip a home, make sure you’re making upgrades that count – you’ll save your budget and get the biggest bang for your buck.