Whether you dream of flipping houses for a living or simply want to get more when selling the family home, there’s one thing that all home buyers look out for: Value.
Renovating a house for resale needs to be the perfect balance of adding value to the property without overpricing it. Keeping costs low when flipping houses is particularly important but also ideal for anyone looking to sell their own home for a profit. Renovations should make the property more desirable to the types of homebuyers you’re trying to target while also keeping cost efficiency in mind.
To help you get started, we’re sharing renovation ideas and tips to consider before putting your house up for sale. Of course, it’s only worth renovating if it’s really needed: The less you have to do to a property before flipping it, the more profit you can enjoy for yourself.
No matter why you’re renovating, you’ll likely need a little pot of cash to start with. If you’ve not got the budget yourself, search for ‘private money lender near me’ to find out your options. Borrowing money is an effective way to do the renovations you’d like to, as long as you can guarantee you’ll be able to pay it back once the property has sold.
Understand the local buying market
While you might think a brand new kitchen is the most-wanted feature, local home buyers might be more interested in having a second bathroom.
Before diving in with big plans and projects for your property, it’s worth doing a little market research into the types of features people in the local area are actually looking for. This will help you get a better idea as to where to start with renovations and where to put most of your money, time and effort.
Compare your property to newly sold homes in the area to see what you might be missing.
Kitchens and bathrooms
When it comes to flipping houses, the two main priorities for renovation will likely be the bathroom or kitchen. Or both. These are key areas of a house that people will most often want already sorted. Very few people want to move into a property and immediately have to start tearing out old cabinets and bathtubs.
A full new kitchen can be a large investment but could make all the difference when trying to resell. Updating flooring, adding energy-efficient appliances and updating countertops can totally transform the house and make it more desirable. This is the same for bathrooms, too.
If you have space, and the budget, adding a second bathroom could also make it a hot property for buyers. Homebuyers of all ages enjoy the bonus and ease of having a second bathroom.
Stay away from trends
Follow trends will significantly narrow your pool of potential buyers, so it’s best to stick to clean, modern and simple. Don’t opt for abstract colors and styles you like; the aim is to be able to sell the property to just about anyone.