I have a property, now what?

Question

Hello all and thank you in advance. This is my first time using the forum for any type of questions so hope I am posting in the right area!

My situation: I own a single family 3bdr home in very demanding market. We are looking to flip this house as we got a great deal on the house and only owe about 123k. We "think" we could sell the house AS IS for about 180k. But were "hoping", with the proper reovations we can increase the value to sell for atleast 200k.

So that leads to my problem, where do we put the money to increase to most value? and how do we set a budget for this? If we wanna increase the sale price by 20k, is it smart to put 10k into it? I will write a short description of the house below to give you an idea of what were working with.

Carpet - definitely needs to be replace.

Kitchen - Plain White Formica counters. Oak cabinets. Beat up hardwood floors that need some work.

Main Bath - same Formica counters with oak cabinets. old tub that has chips in it.

Master Bath - same Formica counters with oak cabinets. old stand up shower with discoloration and doors that work, but not great.

Painting -

These are the first trouble areas I think of when looking to add value, but please if there are other aspects of the house that play a big role in increasing value, please let me know.  This is the info I am looking for. I am hoping this house can jumpstart my real estate career if I do this properly. Most the work I am prepared to do myself, so hopefully that can save some money.

Other things I am specifically looking for is suggestions on products that are budget friendly but still give the house great appeal. For example, types of coutertops (is laminated dated), types of flooring, color schemes, etc.

Thank you very much!!

Karl B. · Answer

I would replace the carpet with luxury vinyl - it looks just like wood if you buy a good quality luxury vinyl.

The kitchen hardwood floors can be resanded and refinished if they're in good shape.

Depending on the oak cabinets condition if they have zero damage they can be restained if needed (same for the cabinets in the bathrooms).

You or a handyman can repair a chipped porcelain tub:  https://homeguides.sfgate.com/repair-chipped-porcelain-tub-25470.html

Definitely a new door on the standing shower. I'd need a visual to see if it needs anything else.

Painting before all else. The good news is you could learn how to do most of these jobs yourself.

Karl B. · Answer

Replacing the hardware is one of my favorite things to do. When Orchard Supply Hardware went out of business they had their drawer/cabinet hardware 80-90% off or more. I spent around $200 buying copious amounts.

You can buy it new or go to a Construction Junction or Habitat for Humanity Restore and look for vintage cabinet/drawer hardware. Of course you need to buy enough pieces that match but it's a fun option.

I also buy vintage glass light covers/fixtures at Construction Junction or Habitat for Humanity Restore to put in my rentals as they add a lot of character and look much better than most of the modern ones sold at Lowe's/Home Depot.

I would ask a selling agent about the cabinets to see what he/she thinks about staining them VS painting them. Personally, when stained I much prefer the dark stains. And of course, whether you stain or paint depends on the look of the kitchen as well as the flooring/counters.

In my L.A. house I have tile counters, flooring and backsplash and having painted cabinets looks way better than stained cabinets.

JD Martin · Answer

You have a property - now what? Now...

It's time to par-taaaaaay!! 🎈✨🎁🥂🥃

OK, sorry about that - it was a knee-jerk reaction :)

It depends on your market.

1. If you think you can get $20k more by spending $10k and are pretty certain, well that's a no-brainer.

2. Cabinets that are not heavily damaged can be refinished, resprayed, refaced, or just change out doors &/or hardware.

3. If you don't change the layout, you can have tubs resprayed professionally. I have had one done and it looked great. The fumes will kill you so don't do it the day before an open house.

4. Laminate is fine if that's what your market is. What do other $200k houses have in them in your market?

Jerry Brainard · Answer

Thank you for the responses. I actually gained some really good information from that. I understand its pretty hard without having a image, I will try to get some pictures of current condition so you can better visualize.

I was not aware of either suggestions for painting or even repairing tubs, quick research says its definitely an option that is more cost effective and less labor that completely replacing the tub.

Cabinets I was thinking of replacing hardware, and also painting them white. I just hate the oak but maybe thats personal preference, does this matter to buyers?

In response JD to other houses in my market. Its actually really weird, the houses by us are all pretty dated also. The ones selling for 190k plus have very little if anything done, and even the ones selling over 210k have a bit more sq ft, but still are very dated with carpet, original Formica counters, oak cabinets, and basic flooring. The thing I notice a big difference on is landscaping, some have pretty nice backyards where ours is a big yard, but with little appeal. Plus, houses here just sell very quick. Does that tell me maybe I dont need to do as much as I was thinking? or do more and just hope to get more?

Again, thank you in advance. For my first time its just a little scary for me to pull the trigger on things, so hearing some of these things help reassure me that I am focused on the right things, and not what might being right to me but the buyers.

Jerry Brainard

I have a property, now what?

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