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.
Greenbrook DesignMaking the decision to open our own showroom was not done overnight. It began as the answer to a need for our clients. They needed a place where they could come and explore the possibilities that awaited them for their home renovation. It was important to our owners, Travis and Stacey Walker, that their clients could see and feel the products, enhancing their design experience. As the idea became a reality, the Walkers realized the added benefit of having more than just cabinets featured in the showroom. Greenbrook Design is proud to be an authorized dealer for not just four lines of cabinetry but multiple home furnishings and decor companies like Europe 2 You and Moe’s. Get a peek inside the showroom here and listen to Stacey share her vision of the showroom.
We have all witnessed the transformation this past year, bedrooms become offices, kitchen tables become classrooms, and your basement doubles as a home gym. The problem is that most of these spaces were not ready to accommodate double duty. Multifunctional means one area of the home can handle multiple duties, while this sounds great, no one wants it to look like it’s a three-in-one, which is where good design comes into play. Selecting furniture pieces that can serve several purposes or planning a layout that can fulfill multiple needs is key to creating a home that suits your family’s unique lifestyle and routine. Let’s discuss what goes into designing these spaces and how you can make the most of the space you have.
Walker WoodworkingDesign is more than just creating a layout that is functional and beautiful; it is about turning a house into a home that has an atmosphere just right for you. A functional home is good, but a home where you feel at home is best, which is the end goal for every designer. One way to have a welcoming environment is to draw inspiration from nature, which is a trend that is gaining momentum in the design world.
Walker Woodworking When you think of a closet, you envision a space within a room that opens with a door. For some, it means enough room to hang up clothes or store larger items. It has, however, evolved to become much more than a mere stash and go-to spot for necessities. From hall closets to pantries to linen and bedroom closets, they serve multiple purposes. Today, it can be a mini dressing room, a place to keep all the kids’ sports equipment, and even a place of meditation ( really, it’s a thing). It is a great way to gain extra storage in the bedroom for personal items and is considered an extension of the home.
Walker Woodworking Are you feeling like something needs to change inside your home? Tired of the same old decor pieces greeting you when you come home? Maybe your taste in style has changed, and you’re looking for a little update? The good news is you don’t have to do a full-blown renovation to achieve your goal; sometimes, it takes a little freshening up to update your home.
Walker Woodworking
Greenbrook Design