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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.
Walker Woodworking The kitchen sink has often been used to describe someone who packs everything they can think of when going on a trip, but in reality, it is a vital part of the kitchen and one of the most frequently used elements. It’s how we maintain a clean environment as we wash our hands, food, countertops, and dirty dishes. Our entire meal prep revolves around the sink since it is where most of the food is cut and prepared to be turned into a delicious dish for the family, and all the pots are filled. With so much happening around the sink, and it fulfills many roles, the type you choose is important. It should have the capacity to do everything needed in one easy design, which is why Greenbrook Design is proud to be a dealer for the Galley Workstation, a company that has reinvented the sink. Let’s talk about what it is and why you should choose it for your new kitchen sink.
Home is more than just a place to prepare for the next day, to sleep at night, and to eat your meals. It is a place where memories are made. It is where you can take a break from your routine and do something fun with your family. While everyone enjoys gathering in the kitchen, it is not the most ideal area of the home to play a board game or watch a movie. Many homeowners enjoy the idea of having a separate area where the kids can play, or they can host a Super Bowl party. Carving out a place in the home dedicated to just fun is a great way to enjoy family time without worrying about making a mess. Let’s talk about some ways to build your home for entertainment.
Walker WoodworkingThe kitchen is the center of the home, which means it should be given good consideration when planning its layout. This is especially true when it comes to cabinet design. Closed, glass front, and open shelving are the options available for kitchen cabinets. Open shelving has become a popular choice with homeowners and designers alike due to the elegance and style it brings to the kitchen. Let’s talk about the benefits it can bring to your home and some helpful design tips.
Walker Woodworking The bathroom plays a key role in everyone’s morning routine, but more specifically, the bathroom vanity. It’s the place where the kids go to brush their teeth, fix their hair, and where all the necessities are stored. They can also maximize limited space and give you the storage you need, but how do you know which one is right for you? Let’s explore some of the common questions about bathroom vanities to help you find the perfect one.
Greenbrook DesignEnvironmentally friendly products are trending, and that includes the design world. More and more homeowners are looking for ways to lessen their carbon footprint, and companies have risen to the task by providing a large selection of products. Our showroom offers a variety of products sourced through multiple companies that allow you to get exactly what you need for your home while keeping Mother Nature safe. Let’s talk about some of the latest sustainable design trends that are now available to you and your family.
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