How to Best Design your Fix and Flip House
Congratulations! You’ve just won a new-to-you home at your local county foreclosure auction with our help of course. It’s exciting! You probably already have a million ideas swirling around in your head on how best to recoup your investment and to fix and flip for a profit with this new property. But before you get pulled into a dozen different directions, and spend even a single penny, I want you to stop for a minute and focus on this basic question. What simple design modifications can you make to this home to broaden its appeal to a wide audience of potential home-buyers? Ultimately more buyer interest leads to a higher sale price, and more money for you!
That’s exactly what I’m going to talk to you about today.
Firstly, I am not suggesting that doing a fix and flip project is a simple venture. Far from it. You already know from the walk through that you have a significant list of repairs – some of them may even be quite extensive Looking over your scope of work for the project you know there’s a lot of work to do. What I’m suggesting is that there are certain home modifications that you can make during the rehab process that will elevate your property over others in your market and make it more inviting to the largest number of people possible.
Let’s take a look at some home repair design tips to help you make the most from your investment!
Wall & Floor Room Color Schemes
Room themes are great for personalizing your home space. They are definitely not desired when you’re going to be putting a home on the market. Remember that you are trying to make the home look as appealing as possible to the largest number of potential buyers. While you might be convinced that purple walls with gold trim present the perfect royal touch, it’s unlikely that your opinion is shared by the majority of house hunters. Your best bet is to stick with neutral colors such as beige, cream, white or grey. This will make your rooms more inviting than bold colors, and you will find it easier to coordinate decorations throughout the space when and if you go with home staging. You can easily add a splash of color to any room by adding artwork, photos and plants. Be creative! Just because the walls are toned down doesn’t mean that the area should be boring.
Focus on the Kitchen!
The kitchen is the heart of any home. It brings families together. It welcomes guests for all occasions. It should come as no surprise, then, that kitchen updates are the best bang for your buck. Be sure to allocate a generous portion of your repair budget to modernizing the kitchen. New counter tops that are quartz or granite, sinks and cabinets are highly coveted by potential home buyers. Don’t forget the lighting. After all the time and money you’ve spent on this area, you’ll want to show it off. Don’t skimp on the appliances, make sure they look good!
The Master Bath is Key in Flip!
The Master Bedroom – While the kitchen might be the central gathering point for friends and family, the master bedroom takes on a completely different, but no less important, role. After kitchen upgrades, the master bedroom is the next most influential room when repairing and flipping any home. People spend a lot of time in this room, specifically the master bathroom. They want to feel comfortable. Focus on creating a bright, spacious room for her to create her perfect spa retreat in her home. Simple shower features can really bring big profits like rainfall showers and jets in the shower. Waterproof hardwood floors, new windows, and a central chandelier create a lasting impression.
Spaces, Spaces, it’s all about the Space!
Space – There was a time when each room in a house was designated for a specific purpose and sectioned off from the other areas. We cooked in the kitchen. We ate in the dining room. We relaxed in the living room. That old way of thinking is gone! Now people want to live in their home without dividers. Today’s homes are built with open concepts, and high ceilings. A family can easily interact while making dinner, even if one is sipping wine on the couch, with the other puts the finishing touches on the meal. People want space to move and less confinement. Don’t be afraid to open up areas of your rehab home, even if it means getting a little dirty. Knocking out a wall and creating an open concept kitchen-dining experience will make your property more attractive and increase its resale value. Don’t go overboard though. Knocking down walls simply to open up space without a clear plan will jeopardize your property’s attractiveness to the average home buyer. People still expect a bedroom and bathroom to have privacy, so consider the ramifications of knocking down those walls, unless you plan on building another in their place.
Floors Matter People!
Flooring – When it comes to home updates, flooring is often overlooked. Don’t make that same mistake. Any potential home buyer is going to immediately notice if the floors have been neglected. While you want them to admire the spacious area and tastefully decorated rooms, they can’t see past the worn carpet or scratched hardwood flooring. There’s no getting around it; you need to replace the flooring. No matter the house, you can’t go wrong with hardwood. In addition, a nice area rug adds warmth to any room.
In the end designing your fix & flip is all about being prepared by doing your research. You don’t want to get stuck and make color selections as the choices come up in your project. Have it all planned out before the first hammer swings and you will have a much smoother more profitable fix & flip project.