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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 is always a fun element in design, one that can affect the mood or change the style of the room. Each company’s choice is beautiful and offers a variety of options for everyone. Don’t be afraid to try something new, you never know, but you may like it so much it will become the new favorite in your home.
Walker WoodworkingA new year means new opportunities to accomplish what’s been on your to-do list, including that home renovation. As we prepare to move into the new year, let’s discuss some of the design trends that are being predicted by those in the interior design world.
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Walker WoodworkingOne of the main questions asked during the design meeting is what color the owners want for their kitchen cabinets. Were they looking to do a natural wood or a color instead? While many will opt to do the wood, many enjoy adding a splash of color to their kitchen or mixing and matching. It is a great way to break up the area and create a focal point, but with so many options available, how do you know which one is right for you? While it is up to you in the end, there are three colors that have stood out for some time and will most likely continue to do so. White, gray, and blue remain high on the selection chart, so let’s talk about these popular colors and why they may be the right fit for you.
Walker WoodworkingWhile the kitchen was often viewed as the place where food was merely prepped and served, it has transitioned into a command center as people gather to talk or enjoy a snack while getting some work done. Layouts have slowly shifted to accommodate this change, which has produced the open concept. This floor plan allows families to stay connected even when they are doing things in different areas of the home. While not as popular as it was in the 1990s and early 2000s, many families still choose this floor plan because of their desire to stay close to their family and guests. Today, we want to discuss the open floor concept, the elements that make it up, and if it is the right fit for your family.
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