4 Upgrades Buyers Will Massively Pay For
Flipping houses is a huge undertaking, and when you are first getting started, it can be hard to decide on what to do. Which parts of the house should you rehab? Which parts do you leave alone? It is difficult to gage which upgrades buyers will pay for and which ones will fall flat. However, in most cases, the timeless upgrades listed below are fairly universal and will grab the attention of potential buyers.
Hardwood Floors. This is an upgrade that will look great in every house. If you are rehabbing an older property, you may even find hardwood underneath the carpet. If this is the case, all you’ll need to do is is restore it and you have beautiful like-new wood floors. For those of us that aren’t as lucky, we’ll need to buy the hardwood. This can get pricey very quickly, but remember, you don’t need to buy real hardwood. There are plenty of alternatives that are much more affordable and look just as good. Vinyl, laminate and bamboo are great alternatives that won’t break the bank. Also, don’t feel like you need to put hardwood throughout the house. Be strategic in where you lay the flooring.
Counter Tops. Beautiful counter tops will certainly play a part in catching potential home buyers’ eyes. Granite is a classic that looks great in almost any setting. Porcelain is another fool-proof option. Consider how you want the house to feel, and pick a countertop that matches that feeling. When rehabbing a home, you want the house to feel consistent. Making arbitrary choices will make the house feel random and jumbled. Put thought into color schemes and choose a countertop that matches the rest of the house. For example, if you're rehabbing a more industrial house, concrete countertops might be a good choice.
New Appliances. New appliances can be instrumental in landing a potential bid. This may seen like a pricey upgrade to make, but it could make all the difference. Choose something modern that catches the eye. Stainless steel appliances are timeless and tend to look great, regardless of the color scheme of the room. Remember, when it comes time to sell your flip, highlight the fact that the appliances are brand new. Assure potential buyers that everything will work smoothly. It’s obviously important to sell every part of the house, but really focus on the appliances. People will feel more at ease knowing that the appliances are new and they likely won’t have any issue with them.
Open Floor Plan. This is a relatively new trend, but I don’t see it going away anytime soon. Opening up the house can make even the smallest of homes feel large. Breaking down walls can be a lot of work, but it will seriously help when you are looking to sell. It goes without saying that you should always have a professional survey the house and analyze which walls can be taken down and which ones are load bearing. As always, have a plan before you take down the walls. Do you want to make the kitchen feel bigger? Do you want to get more natural light in the house? Don’t just knock down the walls because you heard it was a good idea.
As always, use your best judgement when rehabbing a property. Decide on a budget and stick to it. Throwing money at a project won’t guarantee it will sell. Be strategic and only do what needs to be done. Try and keep costs down so you can make a profit from your hard work.