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Effective & High ROI Improvements for House Flippers

Effective & High ROI Improvements for House Flippers
18 Oct
7:24

Effective & High ROI Improvements for House Flippers

House Flippers  is becoming more popular, especially on TV! But since home flipping typically
means buying an older home and remodeling it to today’s tastes and building standards, it also
becomes a game of strategy and smart upgrades. In order to turn a profit, house flippers must
make the right improvements for a good price. For those who are new to home flipping, it’s
important to give real thought to which improvements will make the most sense for a home
buyer so they will purchase the flipped home.
Of course, any house flippers worth their salt needs to have qualified, reputable contractors on their
side. Before starting, make sure to search for and compare different contractors in your area.

Install Smart (and Economical) Design Features

Most home buyers are not willing to pay a lot of money for expensive and elaborate
design features, although they do expect homes to have small decorative touches. For
example, many home buyers now seek houses with hardwood flooring. Hardwood flooring is a
more expensive product when compared to other types of flooring, so they can really cut into flippers
remodel budget. However, home flippers can save money by shopping around, buying
products on clearance or by installing budget-friendly hardwood alternatives like bamboo or
engineered hardwood floors.
Another example of design features that home buyers look for when purchasing a home is an
open floor plan. Sometimes an open floor plan is hard to achieve, but other times home flippers
can easily achieve this look by removing non-load bearing walls.

Upgrade the Kitchen and/or Bathroom

A dated kitchen or bathroom can be a big turn-off to home buyers. House flippers who want
to get the most for their investment can do so by upgrading the kitchen or bathroom with new
countertops, modern flooring, and new appliances. The trick to getting the best ROI for the
investment is in buying materials at an economical price. Buying last year’s models on
clearance is an excellent way to get a good product for less money.
Another great way to save on kitchen or bathroom remodels is to use the cabinetry already
there. New cabinets cost money, so flippers should consider refinishing, painting or repainting
the existing cabinets. Often, new hardware can give cabinets a new and refreshed look as well.

Paint Inside, Upgrade Siding Outside

Cosmetic improvements tend to pay off for home flippers. When painting inside, it’s
important for house flippers to keep in mind that neutral colors have the broadest appeal to buyers.
Some flippers may be tempted to make changes to their own tastes, but this naturally narrows
the pool of people who will find the house attractive.
Siding improvements can boost curb appeal. Most types of siding will last for a few decades, but
once the siding is past its prime, home buyers expect to see the siding replaced before making
a purchase. Siding that is dented, cracked, faded or warped should be replaced before listing
the home for sale. When choosing a new siding, many flippers will turn to vinyl siding. They are attracted by its budget-friendly price point and its durability. Although it is not particularly high-
end siding, many home buyers find vinyl attractive.

Landscape Cleanup and Improvements

Landscaping is another home improvement that offers excellent ROI for home flippers.
Landscaping and curb appeal improvements offer great bang for the buck because they can be
made inexpensively while adding great value to the house. Home flippers who aren’t sure which
landscaping improvements are best can stick to installation of colorful flowers and healthy
shrubs. Improving the health of the lawn is another smart upgrade that can help sell a home.
Many home buyers expect to see well-manicured pathways leading to the doorway, to make
accessing the house easily.
Smart and inexpensive landscaping improvements could also include removing old dead and
dying plants, trees or shrubs. This would also include removing all pots and window planters
with dead plants – or no plants at all.

Do Research Before Making Improvements

The type of home improvements that are right for a particular home will depend on the
neighborhood where the home is located and the expectations of the buyers for that
particular neighborhood. For example, some home buyers may expect to see craftsman
touches like built-in bookshelves, upgraded appliances, and natural stone countertops. While in
other homes, buyers may care more about the size of the home, yard space or proximity to
retail and restaurants.
House flippers who do their research can avoid sinking in extra money that they cannot recover.
At the end of the day, it’s all about ROI. If you’re a house flippers who is not sure what features to
install in your latest purchase, contact a real estate agent who is familiar with the area. A good
real estate agent can help you determine whether or not a specific improvement will pay off.

Source: Anthony Gilbert REALTOR® ABR®

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