3 Things to Consider when Flipping a House
Post by Stacey Walker. Stacey mostly works behind the scenes for Greenbrook Design, managing day to day operations, marketing, sourcing product and keeping the showroom beautifully designed. Stacey also does interior design & home styling for a select number of clients. Find out more about Stacey here.
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 talk about what things should be considered, included or excluded in your flip.
This is an important factor to consider since it will affect your profit margin. It is recommended that you plan on setting aside 15 to 20% of the sale value of the house. 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, there are many who go head first into a renovation without thinking through the entire process. Write down the areas you believe need the most improvement and make a renovation plan.
- Prioritize: Not every area of the home needs to be improved or renovated. The most important areas in a home are usually the kitchen and bathroom. These should be the main focus of your renovation.
- Product: if there are certain items that you know 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 so we know your expectations and can adjust our design to accommodate it. Let us know your plan and vision for the new space so we can prepare. Get a few more tips from Dave Ramsey here.
We know that presentation is everything when it comes to selling a home but that does not mean you have to have the most expensive products to create a beautiful space. When planning to flip a property it is important to be aware of what will give you the most value for your money and create a design that will still wow potential buyers. Also be sure to pick colors and styles that will be well received by the majority of your market.
- Kitchen: this is a key area to 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 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 it can be difficult to know what to include in the flip and what is not really necessary. We have a list of essentials that will increase the value of your home.
- Storage: this is our number one suggestion because it immediately lets 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 ensure that your property will stand out.
- Light: plan for natural light, this is becoming more and more of a priority to have 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 now. Including this will grab buyers attention immediately.
- Multi-functional: buyers love it when spaces serve multiple needs such as a kitchen island that doubles as a dining table or laundry/mudroom combination. This means they can 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 not so much.
- Extras: there is no need to include a double oven or even two laundry rooms.
The goal of flipping a home is to bring up the 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.
Ready to Flip?
Are you ready to start your journey? Visit our showroom located in beautiful Uptown Shelby where you can enjoy some delicious food in one of our many restaurants or shop the many local businesses nearby. Browse through our award winning showroom to see our many displays on flooring, tile, countertops, hardware, and home decor. You are ready to flip a house and we can help. Contact us today to get started.
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