Should i do grantie?

7 Replies

I am working on my first flip in Beech Grove, IN (Indianapolis area).  It's nice older home built.  We will have refinished hardwood floors, tile kitchen floor, tiled bathroom, etc.  Should I do granite counter tops?  I want to make this home really stand out and pop, but not sure if I need to go all the way to granite.  I want something nicer than laminate.  What other in between options would people suggest?

Very, very few homes in Beech Grove have granite. Indianapolis, in general, does not have a lot of granite, even up through the 200-300k price point.  I'd go with high definition laminate.

This is the old dilemma of what kind of value is added when you incur a cost.  There are two factors in adding value.  Will it impress the buyer?  And - will it impress the appraiser?  If it adds wow factor you might sell with fewer days on market.  Your daily carrying costs (interest, insurance, taxes, etc.) are just as real costs as writing a check for material.  

Sometimes the decision for me is based on the quality of the existing countertop.  If it needs to be replaced, I will look at both options.  In that case it is not just the cost of the granite.  It is the difference between cost of granite and laminate.  There is no right answer. 

The answer lies in how much people are willing to pay in Beech Grove. Currently, the top of the market is not very high so I don't believe that granite is marketable there. Beech Grove has been somewhat stagnate since St Francis hospital moved and Amtrak all but closed. The markets where granite is more sustainable are Zionsville, Carmel, Westfield, Fishers, Western Greenwood (Center Grove Schools), and the higher end of Avon and Brownsburg. You will also find them in Broad Ripple and Fountain Square.

@Jim McCabe - all good points above. I've been involved with several flips in BG and all but one had high def laminate. I think anything under $180k in this market would not be a good ROI.

Menards seems to have the best prices on laminate counter tops since they have their own counter top shop.  I've found them to be around 30% less than everyone else.

Thank you everyone for your input.  I think it's a safe bet to stick with a nice laminate for this flip.  Thanks again!

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here