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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 WoodworkingYou are considering doing a kitchen renovation, but are a little nervous because of what your friend told you when they renovated their kitchen. The project was completed, and they settled into their new space and enjoyed many of the latest amenities. Then something happened. As they adjusted to the area, they thought about something that could have been done differently or that they wished they had added.
This design trend seems to always be among the most popular, and you don’t have to live on a farm to appreciate this simple, inviting style. In a world that seems never to stop moving, there is often a need to create a space where you can slow down, unwind from the cares of the day, and enjoy the simple things. In this blog, we want to explain precisely what the farmhouse style is and how you can incorporate a little of the past into your future.
Greenbrook DesignWe are excited to share this recently historic home remodel, built in 1824. This project presented us with some unique design challenges that we were able to overcome, resulting in a beautiful finished product and a very well-functioning kitchen.
Also known as Antebellum architecture, this property not only gives us an intimate look at how people once lived in this southern region but also shows the characteristics and style of a stunning southern design, which remains rich in history.
Greenbrook Design
Walker WoodworkingDesign trends are shifting, and people are looking to maximize space by combining rooms, so the laundry room has been built to meet this demand. A mudroom combined with a laundry room can be a great area. As the family enters the home, they can drop off any dirty clothing, eliminating any major messes. This is also a logical spot to have the dog feeding area or even the litter box, both of which prevent your guests from seeing the dirty side of your pets. A small pet bathing area can be added, making it convenient to wash the dog and then dry it with the towel in the washer. There are a few other combinations, including a pantry or bathroom. Be sure to consider what matters most to you and your family’s needs.
Walker Woodworking
Greenbrook Design