5 Upgrades That Will Net You a Higher Price for Your Flip
When you’re flipping a property, it can be hard to decide just what to change to make the property more valuable. What are buyers willing to pay extra for, and what do they want the most? To help you decide, we’ve put together a list of five of the most desirable updates that can be done to a property.
Stainless Steel Appliances
Kitchen appliances are one of the first things noticed during a walk-through of a house. They draw attention to themselves, whether we want them to or not. They’re used as a measure of the relative age and condition of the house. Bottom line, no one wants old, beat up kitchen appliances, and their presence makes the whole property seem old and outdated.
Upgrading to new appliances will go a long way to improving the look and feel of your property. For maximum appeal, go for the sleek, stylish look of stainless steel; it’s easy to clean, it’s durable, and it looks beautiful. Buyers will appreciate your investment.
Few things have the wow factor that granite counter-tops do. Whether in bathrooms or in kitchens, granite communicates a level of quality and durability. Combine that with the aesthetic value, and granite impresses in a way that few other building materials can.
Much like appliances, countertops are a dead giveaway to the quality of a property. Laminate is a material used because it’s cheap, not because it’s hardy, and most buyers know it. They will have more confidence in the value in the property if they walk in and see beautiful stone.
Update HVAC and Water Heating
Often, heating and cooling systems are only replaced when they break, which means that properties tend to hold on to old units far longer than they should. Depending on the unit in question, units should be replaced every 10-20 years, with boilers and furnaces lasting longer than water heaters and cooling systems. Replacing these systems will save future buyers the pain of having to deal with broken units and replacing things themselves.
What’s more, newer units are more energy efficient, and since the majority of electricity and fuel costs spent on these systems, investing in new equipment is saving a considerable amount of money in the future. It may not be as eye-catching as a new kitchen appliance or countertop, but it will have plenty of impact on wary buyers.
One of the best things you can do to improve the energy efficiency of a home is to replace old windows. Newer window designs are much better at preventing the transmission of heat, whether that means keeping out the summer heat or the winter cold.
It may not be as obvious, but windows wear out as well, especially older models with hinges and cranks. No buyer wants to deal with a window that’s rusted shut, or that doesn’t crank anymore. Replacing old windows will eliminate problems like this, and new models can be expected to last much longer.
Master Bedroom Walk-In Closet
After a beautiful kitchen, the thing buyers like to show off to friends and family most is ample closet space. A walk-in closet is like a status symbol; it says “I live in a home, not an apartment.” Building one offers storage space that most buyers are looking for, and indicates that the property is a potential dream home, not a temporary one.
Updating a property means investing in a property, and not every investment turns a profit. So plan accordingly, and choose wisely. And if you’re looking for more advice on how to make the most of your flip, learn from the pros at Real Estate Elevated.