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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.
Greenbrook Design The bathroom is a critical part of the home; while we don’t gather for meals and conversation, it is the place we get ready for the day, and one of the last places we go before bed. This means that it should be designed to function in such a way that is beneficial to everyone who uses it. While a bathroom’s primary purpose is to be functional, that doesn’t mean it has to be boring. There are many ways to create a look that represents your unique style and personality, such as through tile and color choices. If you’re considering renovating your bathroom space and giving it some much-needed upgrades and updates, but are lacking inspiration, let us help you. There are several fun and beautiful bathroom trends for 2022. Let’s explore a few of them today.
Walker WoodworkingThere are many elements that make up a room, including color, layout, and decor style, but one key ingredient can add depth and tone to a space: texture. Like many design tools, texture often becomes an afterthought when creating a plan for a new area in the home. Many might even think it has little impact on a design, but that is not true. Texture provides balance, visual weight, and warmth to your home, which is why it should be a part of the planning stage from the start. Texture is not limited to fabrics and furniture, but can also include wallpaper, glass, and plants. Let’s discuss adding texture to your home and creating a space that is inviting to the touch for everyone.
Walker Woodworking There are some that have remained constant, while others have had their brief moment to shine, but does color really matter? Is there a reason behind the colors we choose, and can they really have an influence on the home? The answer is yes, color is one of the most powerful design tools, which is why designers are taught color psychology in school. To better help you understand its importance, we thought it would be helpful to share some of this information with you.
Kitchen layouts are a critical part of the design process because they can help you maximize the use of your space. There are certain layouts that are better suited to a particular home, such as an apartment or a large open area, making it essential to understand the function and benefits of each. Selecting the right kitchen layout for your new home is crucial, as it is one of the most frequently used rooms in the house and must be tailored to your specific needs and lifestyle. Let’s discuss what each layout is, which one works best for different home designs, and the benefits it can provide.
Greenbrook Design Window treatments are often the last element considered when decorating a house, but they play a crucial part in the overall look of the home. They are often considered the finishing touch to any space and can influence the feel as well. The fabric choice, the style, and even the function can bring several benefits to your home. Window treatments offer protection from the sun’s harmful UV rays, shading you and your furniture from fading, while also lowering your electricity bill. Selecting a fabric that complements your particular design style or creates a beautiful statement in your home can make all the difference in any room. Window treatments also serve a functional purpose, as they can block the sun’s glare and provide you and your family with privacy.
Walker Woodworking
Greenbrook Design