House flipping has become a popular real estate investment in the last decade. The market for it is at its highest point in 20 years, and most flippers are doing quite well. An average flip brings in about $70,000 of profit, as of 2020.
With that in mind, it’s not surprising that so many people have decided to try their hand at it. That’s good news for you. Instead of having to learn everything from scratch, you can benefit from the lessons others have already learned.
There are a lot of factors new flippers need to be aware of, but for today, let’s talk about home improvements. There are five home improvement tips every new real estate flipper needs to know. Visit landcentury.com for your Ultimate Guide to Flipping Houses
1. Focus On Quality Over Quantity
You have a limited budget for repairs, which means you need to make the most of them. Instead of taking on lots of upgrades and doing them cheaply, focus on quality. Choose the repairs that will add the most value to the home and do them well.
If it’s hard to decide which project is the most important, consider what a buyer will see when they first tour the home. If the floors are in bad shape, for example, that’s something they’re bound to notice.
Your goal is to make the home look as presentable as possible so that the buyers know they don’t have to make major repairs.
2. Pay Attention To The Trends
You must know what the popular design trends are when remodeling a home. For example, gray kitchens with smooth tiling are expected to be out this year. Experts say they’ll be replaced by warmer tones and rustic ceramics.
Out-of-style upgrades can cause potential buyers to walk away, so make sure you’re keeping up with what’s popular.
3. Don’t Forget The Detail Work
Details are what tie a design together. If you’re going to spend money redoing floors and updating kitchens, don’t forget to use the little details to really set off the look. Freshly painted baseboards, or stylish new handles for the cabinets, can be just the right touch to complete a look.
It won’t take long or cost much, and it lets potential buyers know that you took time and care when updating the home. Knowing that can help ease any worries they may have about having to make surprise repairs when they move in.
4. Replace The Appliances
Those old appliances have got to go. They make your flip look outdated and potential buyers will be put off by the idea of replacing them when they move in. Look for newer, energy-star-rated, appliances for the kitchen, bathroom, and laundry room to really freshen things up.
5. Don’t Be Scared To Call A Professional
Flipping involves a lot of DIY work, but there are jobs you can’t safely do yourself. When a roof, foundation, or other structural issue needs repair, it’s time to call in a professional. It can be costly, but you need to know the flip is up to code and safe to sell.
Put These Tips Into Action
If you’re ready to put these tips to work, you need a house to flip. To buy a house to flip, you need a loan. Luckily, you can submit a request for a house flipping loan online right now.
A house flipping loan provides you with the money to buy your next investment and start making those upgrades. That means your loan is all in one place, instead of having to take out a second one to cover the renovations.
When you submit a request, a professional will get back to you with more details, including loan terms and payment options.
These five home improvement tips are some of the basics that every new flipper needs to know. Keep them in mind as you take on your first project to guarantee a successful flip.