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.
Will kitchen islands go out of style? The answer is no. The kitchen island is often the focal point in the kitchen and one of the most sought-after features in a kitchen renovation; in fact, it is one of the most versatile areas in the kitchen. Need a place to do some homework? How about a family dinner or brunch? Looking for a surface where you can spread out when cooking? Some extra storage for large pots and mixers would be nice, too. All of this and more can be accomplished with a kitchen island; some might even call it a mini kitchen within the kitchen. This flexible workstation can be created to reflect any style, accommodate any size, and suit any need. Today, we want to answer some common questions about the kitchen island, explore the benefits, and explain why it will never go out of style.
As the COVID-19 pandemic slowly comes to an end, you may be ready to update your home and make a few changes. Perhaps being stuck inside during lockdowns gave you time to identify areas that needed cleaning, upgrading, or other home improvements. If you want to start rebuilding your house but aren’t sure how to get started, see how these tips can help, brought to you courtesy of Greenbrook Design.
Walker Woodworking When space is limited, it is valuable and greater thought is invested in creating a design that maximizes square footage to provide a functional space for the homeowner. Both manufacturers and designers alike are continuously thinking of new ways to give their clients the things they need, but using less space. One such item is the Murphy bed, yes, the one used in multiple comedy routines, but it has evolved into a stylish piece, yet remains as functional as ever. It is also comparable in price point to a traditional bed. Could the Murphy bed be the solution to your limited space problem? Let’s unpack exactly what it is and how it can help give you additional room in your home.
Walker Woodworking What to do when you don’t have the luxury of square footage? How can you create storage when there is not a lot of room, to begin with? Can you make small spaces work for you? These are good questions that we have helped our clients answer numerous times. While it may present more challenges than a larger home, it is possible to have the necessary storage for you to keep everything you need on hand. Small is not bad; in fact, it comes with multiple benefits, and a good design can help you maximize the space you do have to build a home that is exactly right for you. Let’s talk about some creative storage solutions for small spaces.
Walker Woodworking We always say details matter, and that goes beyond a project. Your home is filled with details that tell your guests who you are and what matters to you. Artwork, pottery pieces, and furniture are just a few things that give homeowners a chance to show off their style. Another area is hosting, and tablescapes have become a beautiful, fun way to share your own unique design choices with family and friends. Whether it is for a small gathering to enjoy time with those you love or to celebrate a special occasion, there are many ways to create the perfect look. By combining different colors, patterns, or materials, you can create a tablescape that will dazzle your guests, whether you prefer an elaborate or simple design.
Walker Woodworking
Greenbrook Design