SMART – INNOVATIVE – SOLUTIONS
3 things to consider when flipping a house
Flipping houses has become a popular option with many buyers today; HGTV has jumped on this bandwagon, too, by airing multiple shows such as Fixer Upper and Fixer to Fabulous.
If this is not your forever home but just a place you want to flip or only stay a few years, this has an impact on your design choices and budget. Let’s discuss what things should be considered, included, or excluded in your flip.
Budget
This is an essential factor since it will affect your profit margin. It is recommended that you plan on setting aside 15 to 20% of the house’s sale value. While you should always create a space that appeals to a potential buyer, it does not mean you have to break the bank. Here are a few things you can do to cut down on costs.
- Planning: While this seems like house flipping 101, many people plunge headfirst into a renovation without thinking through the entire process. Write down the areas you believe need improvement and make a renovation plan.
- Prioritize: Not every area of the home needs to be improved or renovated. The most important areas are usually the kitchen and bathroom, which should be the main focus of your renovation.
- Product: If you know certain items will be needed, like appliances or flooring, take the time to shop around for the best deals. You don’t have to purchase top-of-the-line appliances or flooring.
Budget is important to us, which is why we make it a priority to discuss it in our initial consultation meeting. We know your expectations and can adjust our design to accommodate them. Let us know your plan and vision for the new space so we can prepare. Get a few more tips from Dave Ramsey here.
Design Choices
We know that presentation is everything when selling a home, but that does not mean you must have the most expensive products to create a beautiful space. When planning to flip a property, knowing what will give you the most value for your money and creating a design that will still wow potential buyers is essential. Also, be sure to pick colors and styles that will be well-received by most of your market.
- Kitchen: This is a key area of any home and should be a top priority. Cabinets are the biggest factor in this space, so it is essential to choose a style that has the broadest appeal to buyers, such as traditional, and a color that has proven to be timeless, such as whites and grays.
- Bathroom: Again, we emphasize neutral color palettes and more popular design styles. Avoid trends and bold patterns and colors. These are great for those who want to make it their forever home, but not as an investment. Do some research on options that are considered popular by a majority of homeowners.
We provide three semi-custom cabinet lines that allow you to create a beautiful space that will not disappoint buyers but will not break your budget. Our experienced designers are also aware of design styles and choices that are well-liked by a broad audience and will be sure to attract the most buyers.
To include or not
Because it is not your forever home, knowing what to include in the flip and what is not necessary can be difficult. We have a list of essentials that will increase the value of your home.
- Storage is our number one suggestion because it immediately shows potential homeowners that this space is functional. Including things such as additional shelving, enough cabinet space for storing essential items, plenty of drawers, and closet space ensures that your property will stand out.
- Light: Plan for natural light. This is becoming an increasingly important priority in the home, so make sure there are sufficient windows.
- Home office: This is no longer a nice bonus but is becoming a standard in most home designs. Including it will grab buyers’ attention immediately.
- Multi-functional: Buyers love spaces that serve multiple needs, such as a kitchen island that doubles as a dining table or a laundry/mudroom combination. This allows them to get the maximum use out of a space.
Here are a few things not necessary to include when flipping a property
- Super custom: think universal, what is something that will be helpful to most homeowners. A mudroom is a great option, but a gun rack is not so much.
- Extras: there is no need to include a double oven or two laundry rooms.
The goal of flipping a home is to increase its value by paying attention to the key areas and making them desirable to buyers. We have worked with several clients who saw their renovation as an investment and helped them achieve the most for their budget. Here is some more helpful information about flipping a house.
Walker WoodworkingUpdating your home to a place that truly feels comfortable and enjoyable for everyone doesn’t have to break the bank. By making a few adjustments here and there, you can transform your home into your favorite hangout. Our amazing team can assist you in finding just the thing or things that have been missing from your home, plus with our access to over 30 different vendors, we know our members can help. We invite you to visit our 5,000-square-foot award-winning showroom, located in beautiful Uptown Shelby, near Charlotte, NC, as well as several other cities, including Spartanburg and Asheville. We look forward to helping you rejuvenate your living space.
Walker WoodworkingWhile there are multiple standard door styles to choose from, opting for a custom look can add that special wow factor to your home that you’ve been looking for. We have been manufacturing custom pieces for over twenty years and love seeing the look of surprise and delight on our clients’ faces when they see their cabinet for the first time. Here are four unique door styles that we’ve created for our clients, which we’re particularly proud of.
Walker WoodworkingMany homeowners want the familiar touches of suburban life while enjoying the benefits that urban life has to offer. This results in a need for design to alter and adjust in order to provide exactly what is required to make someone feel perfectly at home. Let’s discuss some of the ways you can blend urban with suburban and create a style that says welcome home to you.
Walker WoodworkingOne of the best features of any bedroom is the closet. This is the place where not just your clothes go, but a myriad of other objects as well. As it is considered one of the more functional areas in the room, this means it has certain obligations to meet, including sufficient space and storage capacity. Few things frustrate a homeowner as much as a dysfunctional closet that is a hazard every time the door is opened. Having one that is designed according to your needs, with ways to keep everything organized and in its proper place, is a dream come true. Of course, while closets need to be functional, they can also be stylish and ever personalized to your particular needs. Let’s talk about what goes into designing the perfect walk-in closet.
Finishing a basement or renovating it completely can also increase the value of your home. There is also the possibility of gaining additional income by renting out the basement. A basement is a blank canvas waiting to be transformed into a useful and functional space for you and your family.
Walker Woodworking
Greenbrook Design