Flipping houses is quickly becoming one of the most popular entrepreneurial career choices for investment-savvy individuals as well as those skilled in home improvement. However, it’s not as simple as buying an old house, fixing it up, and selling it for profit.
There are a lot of rules and guidelines to follow when it comes to flipping houses, including learning the most efficient home renovation tricks to give you the best return on your investment. The goal is to maximize your profit and minimize expenditures while simultaneously providing high-quality renovated homes to buyers.
If you’re having trouble figuring out where to start, take a look at some of the top home renovation tricks and tips to ensure a successful (and lucrative) project.
1. DIY Where You Can
First, the best way to save money when it comes to home improvement is by doing as much of the work yourself as you can. However, that doesn’t override legalities or providing proper home improvements.
For example, if you’ve never built a deck before, now probably isn’t the time to learn, unless you are working side-by-side with an experienced contractor. Additionally, unless you have the proper education and certifications, you should leave critical work such as electrical and plumbing repairs to the professionals.
However, when it comes to things like patching drywall, adding trim, painting, and other simpler jobs, you can save thousands of dollars by doing the work yourself. We recommend learning and perfecting as many of these skills as possible for your future work in house flipping.
2. Find the Right Contractors for Each Job
For the jobs, you need to hire out, make sure you’re shopping around for the best and most fairly-priced in town. For example, if you’re looking for a quality roofing company, do some research about the local roofers and figure out which is the best fit for your project.
A new roof with a guaranteed lifespan of 15 to 25 years is a huge selling point for potential buyers and a great way to add some value to the home.
This rule applies to plumbers, electricians, roofers, and everyone in between. Take your time, ask around, and do your due diligence to find the best people to work on the house.
3. Make a Good First Impression with Curb Appeal
One of the best home renovation tricks to pull buyers in and boost the value of the home is to perfect the curb appeal. The more attractive the outdoor space is, the more people will want to look inside.
We recommend putting a fresh coat of paint on the exterior, especially if the current paint is faded, chipping, peeling, or otherwise in poor condition. Alternatively, you may need to repaint it to give it a more neutral and appealing color.
Next, focus on the yard and vegetation around the home. Get rid of all trash, clutter, and debris. Then, cut the grass, pull the weeds, and trim the trees and bushes.
Finally, take care of the little things such as old hardware and fixtures, such as door handles, sconces, shudders. Finish by adding some flowers and other decorative plants around the outside.
4. Think Big in Terms of Storage Space
One of the most desired things home buyers look for is plenty of storage space. People love their stuff and want ample room for it in their own homes. After all, what’s the point of buying a new home if it doesn’t have room for all your possessions?
Therefore, think big in terms of storage space. However, also focus on creative storage solutions. Buyers will appreciate hidden storage spaces and innovative storage design.
5. Maximize Your Effort in the Kitchen and Bathrooms
Next, two of the most commonly used spaces in a home are the kitchen and bathroom.
The kitchen serves as the heart of the home, where meals are prepared and families gather. An updated kitchen is one of the most highly demanded features of a home. This includes high-quality appliances, modern cabinets, and plenty of space for cooking.
On the other hand, bathrooms are a necessity of any home and the nicer they are, the more the home will appeal to potential buyers. Focus on a clean and simple look. Additionally, you can never go wrong with a double vanity in the master bathroom.
6. Optimize Flexible Living Space
Another home renovation trick to boost value and motivate buyers is creating a home with flexible living spaces. People love having options, especially when it comes to what to do with their own homes.
By integrating a large, open floor plan, you give potential homeowners the option to choose how to layout their home and how to live in it.
7. Give Every Space Fresh Paint
We spoke earlier about giving the exterior of the home a fresh coat of paint. You should follow suit on the inside. You might be surprised how much effect a simple paint job can have in a room or inside an entire home.
Focus on neutral colors with accent walls, color pops, and a general appeal to the masses. You may love hot pink walls in your child’s room, but it won’t appeal to buyers. Don’t allow your personal design style to play too large of a role, your goal is to remain relatively neutral.
8. Add or Accentuate Outdoor Living Areas
Finally, try to take advantage of peoples’ love of the great outdoors. It doesn’t matter if you’re in the city or out in the country, homeowners want outdoor living spaces.
If there isn’t currently a deck or patio, especially in the back yard, build one. People truly enjoy entertaining their friends and family with barbeques, fire pits, and pools. Granted, you can let them decide on the pool and fire pit.
Looking for More Home Renovation Tricks?
If you like what you’ve read so far but are looking for even more home renovation tricks, be sure to check out some of the other articles in our blog. We have plenty of more advice when it comes to sprucing up homes and selling them fast!