What low cost rehab work brought you the most value?

Question

I’m interested in low cost improvements that can add value to a home. What’s the least you’ve spent on rehab work that translated into a higher sale price?

Mike Dymski · Answer

New flooring and paint...it's 95+% of the surface area in the unit.

Eric M. · Answer

This question is asked all the time. You can use the search function for answers people give but none of those answers other people give will be relevant to you. It all depends on what item currently lowers the value of your particular property the most. I could say paint but that would be a waste of money if your house has been painted recently and really needs landscaping. The answer is entirely dependent on your property.

Sometimes it is washing the windows, could be writing better copy for the listing, could be power washing the building or the sidewalk, could be fresh paint, could be making cookies during an open house. I think some overlooked suggestions are cleaning, taking better photos, staging.  I think curb appeal is under rated. Most people already have an opinion  that they like your house or don't like it even before they enter. Women especially, immediately know as they pull in the drive if this is a possible home for them or not. Most flippers have little budget on the exterior.

Probably the single best free thing I ever did to improve value in one flip of mine was successfully appealing the property taxes. The house went from unsellable in a practical sense to sellable. Probably added $100K in value by filling out some forms and reducing taxes 10K. Again, this was only the fact because taxes were the big flaw in the property. This suggestion means nothing if your taxes are not a problem.

Fix the biggest flaw in the property is the answer. Prospective buyers and their realtors will tell you what the biggest flaw is if you ask them the right way.

Greg Dickerson · Answer

I am on the east coast and I have spent anywhere from $500 for general shrub and overgrowth removal and mulch to complete new beds and sod with irrigation up to $20k. Painting can run anywhere from $2 a sqft and up depending on colors, chilling heights, trim etc. I am making videos of a complete gut and interior / exterior renovation right now. They are on my youtube channel.

Dennis M. · Answer

Shrubs and landscaping

Brianna M. · Answer

@Greg Dickerson Thanks, Greg. Would you be able to share what you’ve paid for landscaping and exterior paint in the past (along with the property specs and location)?

Brianna M. · Answer

@Jim Goebel Very helpful, Jim! Love the new lighting idea.

Brianna M. · Answer

@Eric Michaels This is great, Eric! It’s good to know that appealing high taxes could be an option. Like the idea of simply asking a Realtor as well.

Jim Goebel · Answer

@Eric Michaels

@Brianna M.

I kind of agree with Eric but kind of disagree.  I agree it heavily depends, however I disagree that having a short list of things that you consider 'common' things to look for, that you know you can consistently do to add a lot of value, is a bad idea.  I would highly recommend those things, but I'd also highly recommend doing what Eric recommended in looking for the biggest flaws (or another way of saying, value adds) and keeping this in mind along with 'common' items that can add value.

Jim Goebel · Answer

@Brianna M.

Really depends on the project but here have been some of the most common things we get a lot of value out of.  Keep in mind though that we are super hands on in terms of these projects which helps keep costs low:

• New Lighting (sometimes switching) but most often fixtures, and we do a lot of shopping on CL and at the local Habitat for Humanity Restore to look for deals
• Hard surface counters, we've refurbished a lot of granite remnants and have recently transitioned to doing concrete counters with epoxy
• Landscaping sometimes has a big ROI depending on the project
• Re finishing hardwood floors - this is very labor intensive but can be beautiful result.

Greg Dickerson · Answer

This is a very relative question and depends on the area and overall condition of the property. Curb appeal is huge. Landscaping and exterior paint can payoff in a big way.

Interior painting and flooring is the winner. You can also redo kitchen cabinets very cost effectively as well.

What low cost rehab work brought you the most value?

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