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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 DesignColor matters. It is a part of how we tell our story, especially within our homes. In the last few years, homeowners have ventured off the traditional path of neutrals, such as white, gray, and beige, to bring in pops of bold hues like red, green, and even blue. As the demand for brighter colors increases, both manufacturers and designers have risen to the occasion by creating and incorporating a more diverse color palette for their clients. Traditional products, such as tile, furniture, flooring, cabinets, and even glass, come in a wider selection of bold colors, which provide homeowners with the opportunity to blend a variety of bold colors and neutral colors together in a stunning final design. Although color is a fun element in the world of interiors, it can be challenging to determine the right amount and the various ways it can be incorporated into the home to create the perfect balance for everyone to enjoy.
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Walker Woodworking Does your home need some renovations to bring it back up to speed for your specific lifestyle? Are you ready to transform certain areas into a more functional and purposeful space? Our experienced design team has assisted hundreds of clients in creating new areas that function exactly as they need. How can we help you prioritize your needs through design? Let us help you find the areas of priority in your home!
Greenbrook DesignAt the heart of any design work is the chance to tell a story—the story of those who live there. Our home is at the core of who we are. It is our grounding, the place we can truly let our hair down and be ourselves. It’s where memories are not just made, but remembered and passed down to the next generation. Homes are meant to be special—a symbol to all who enter of what truly matters to us. That’s why the design choices we make should be influenced by who we are, where we came from, and how our unique experiences shape us. Across the world, people’s design choices are deeply rooted in culture. But in today’s ever-connected world, we’re also seeing a beautiful blending of cultures—where traditional elements mix with modern influences, and regional styles merge to reflect global inspirations.
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