The key to a successful fix-and-flip residential property sale is to not overspend on renovations. Focusing on property upgrades that add value to the home will help you secure a better return on your investment. To help keep your renovation budget in check, consider these tips on how to improve a property’s value without overspending on upgrades.
True Value Of Improvements
It is a common misconception that all improvements increase the value of a home. For example, home offices and concrete patios typically do not add value to a property. When you are renovating a fix-and-flip property, it is also essential not to make improvements that will limit the number of potential buyers interested in the home. Keep your improvements focused on kitchens and baths for the most added value as these areas are what most buyers are interested in when looking for a home.
First impressions are everything when selling a fix-and-flip property. Creating curb appeal that gives a good image will ensure that potential buyers want to see inside the home. Improvements to the exterior of the house can add value as well. New windows, roofing, and lighting can increase the value and security of the property.
Simple Cosmetic Fixes
While replacing a roof may be a costly renovation, there are a host of more simple cosmetic fixes that will make a big difference to the property’s overall value. Painting the exterior of the home makes it fresh and updated. Adding shutters and replacing old hardware like doorknobs, and replacing the railing are all simple upgrades that boost the home’s appeal and attract buyers.
A Clean Start
Often fix-and-flip properties require a top to bottom thorough cleaning. Powerwashing, the home exterior from the roof to the foundation, including all decking and paving on the property, will immediately give the home a clean start.
To be sure you do not cause any structural damage while powewashing, it is wise to hire a professional service like WNC Washpro’s that uses the right tools for the job. Professional power washing technicians have the knowledge and experience necessary to ensure your property remains safe while undergoing cleaning.
Your Budget And Your Time
Purchasing a fix-and-flip property can be a financially rewarding venture when you have a clear plan of action. Consider your budget and your time when selecting the project that will give you the most return on your investment. Choose wisely with the renovations, upgrades, and cleaning that will need to be completed to resale the home.