I'm closing on a property on Thursday. My question is to the experienced flippers... What cosmetic materials would y'all recommend on adding to a flip to generate more profit while saving money?
Does it matter if I use fiberboard instead of wood boards for trim and doors? Add crown moldings?
Paint the chimney or redoing it with stone?
I was also thinking of adding an interior barn door hoping it will help sell the property...
laminate vs woodfloors
Info on the 2500sq ft house:
I'm buying it for about 40% of its value giving me about 30% (50-60k for rehab if i sell for more per sq ft).
Rehab costs should be about 35-40k. Should I spend more to drive its value up?
Comps in the area sell for $75-90per sq ft on newer remodeled homes.
you need to look at comps. They will tell you what your finish out needs to look like. If your comps have hardwood floors you will need hardwood floors. If your comps have crown molding, you will need crown molding, etc. You will not get your money out for over improving. Your best bet is to tour every house on the market that is a comp to yours. Also, have the realtor pull the pics off of MLS of sold comps that are in the price/SF you are targeting. Good luck!
Disclaimer - I don't have a ton of experience.
Do you know the difference between a $75/sq ft and $90/sq ft home in that market? That is where I'd start.
At that price point in Collin County, TX area (say Wylie, for example), mid grade, reasonably priced granite, wood floors (real or engineered, but not laminate), and a tile backsplash would really differentiate the house without breaking the bank. Mid grade stainless appliances would help as well. You don't have to spend a fortune, because most of the houses are going to be carpet and tile with laminate counters, no backsplash, and white or black cheap appliances. That's Wylie, not sure if it is true for your area.
Also, outside of high demand and rapid appreciation, I don't think you are going to drive the cost too much higher than $90/sq ft with upgrades. People in that range are looking for a decent quality house and are not going to go too much higher for nicer stuff. If they were going to go higher, they'd go to a different neighborhood.
Thanks, I appreciate the input!
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