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.
We use it every day but hardly pay any attention to it, yet it can impact the overall design of the home. We are, of course, referring to your flooring, and its importance should not be overlooked or underestimated. It is the largest design element in the home, which means it tends to serve as the foundation of the look and feel in the room. It has the ability to make or break your space and is subconsciously the first thing we notice in a room. Since it is used consistently, it must be durable and functional for the particular area, whether slip-resistant or waterproof. Flooring should also complement the overall design style you choose and be carefully considered before finalizing your choice. Here are some aspects to remember when making your selection.
The kitchen backsplash tends to be overlooked during the planning session for a renovation, but it has a big impact on the overall look of the design, and it should not be underestimated. To many, it may seem like such a small element, but it has the power to bring style, class, and protection to the heart of the home. When walking through a model home or flipping pages in an interior design magazine, the kitchen always has a backsplash that often draws our eye. Coming in multiple sizes, styles, and shades, the kitchen backsplash has come a long way from being a simple surface to creating a glamorous highlight that immediately draws the eye.
Walker WoodworkingThis deficiency has led to a readjustment of space, a call to renovate the home, and to provide a more functional design for everyone. There are also other reasons motivating homeowners to reevaluate their current living situation, such as greater flexibility at home, an open concept, personal space, and plenty of storage. While kitchens and bathrooms are still among the most renovated areas in the home, new emphasis is being placed on four additional sections in the home, which we want to highlight today.
Walker WoodworkingYou love your home, but there are some areas that are no longer working for you, if they ever did at all. You have made the big decision to renovate your kitchen, to give yourself the space you have always envisioned, but it feels overwhelming. How do you know which layout will work best for you? Which style best represents you, and what wood type will pair perfectly with certain colors? The kitchen can be a more difficult renovation because it involves multiple facets, such as plumbing and electrical. Adding in the appliances, lighting, and cabinets decisions can be enough to make your head spin. Planning is a critical part of a kitchen renovation, making it a key area of focus, which is why an experienced designer can help you accomplish your dreams on time and on budget.
James Martin Vanities has not disappointed us but provided many of our clients with a bathroom vanity that suited their unique needs, and the shorter lead times have allowed them to get the upgrades they needed within their timeframe. Our goal will always remain to provide our clients with the best possible products that fit their project, whether that is a custom, semi-custom, or predone option like the James Martin Vanity. We are here to assist you in finding the vanity that works for you, which is why we offer a variety of options. Are you ready for a change? Come visit our showroom where we have multiple vanities available for you to browse, and if you like one, you can take it home with you.
Walker Woodworking
Greenbrook Design