5 Ways To Add Value On Your Next Flip Property

5 Ways To Add Value On Your Next Flip Property
There are many different ways to add value to a potential flip
property. While these are just some of the many things that you can do to
increase the properties value, understand that there are many
improvements that can be made in addition to any listed here.
Also, its important to note that although a particular renovation or style may add
value, it might not be what’s selling in a particular market, so it’s important
to take that into consideration.
With that in mind, here are 5 Ways To Add Value On Your Next Flip
Property:
1.) Update The Kitchen And Bathroom
The phrase goes “kitchens and bathrooms sell houses” and its true. The
first cosmetic things you should consider are newly remodeled bathrooms
and kitchens.
People spend a lot of time in both, and it’s an important design aspect to
consider when remodeling a property to be resold. Most people who want
to buy turnkey, are going to want to have newly remodeled kitchens and
bathrooms with the newest appliances and trendiest finishes available.
With that being said, bathroom and kitchen remodels are usually one of if
not the largest expenses you’ll have when doing repairs to your rehab
property, so its important to have them done right. By renovating these two
areas, you’ll add value and increase the amount of people who are
interested in the property. Although it will cost you a lot to completely redo
the kitchen and the bathrooms, the return is much greater, and is certainly
worth it.
2.) Update Flooring/Carpeting
Another way to add value when assessing your scope of work, is to update
the flooring with the latest styles. Or, if you’ve got a home with dingy
carpets, go ahead and replace those. It will make a huge difference in the
overall appeal of the house, and most people who are interested in buying
a home don’t want to go through the hassle of having flooring replaced
themselves.
New flooring and carpet can change the look of the home when you
remodel it, and can really help to create a completely new look. Although
this is an additional expense, most home buyers are willing to pay more for
a home with new flooring/carpeting, making this a good way to add value to
your next flip.
3.) Add A Patio Or A Deck
Adding a patio or a deck to a home that you’re flipping can be a huge
selling point in certain markets. People who love to entertain, especially in
the warmer months will enjoy a space outdoors where they can cook, eat,
drink, and entertain friends and family.
Another way to further this and take it to the next level would be to have
custom decking that extended right into a pool area. A patio or deck area
like this turns the backyard and pool area into a summer oasis, and a great
place to host cookouts, pool parties, and have friends and family over to
visit.
A deck or patio area like that can create lasting memories and this is a
huge selling point for the right buyer, and they will gladly pay more for a
home with this type of feature. Keeping that in mind, in many areas,
building an outdoor patio or deck is a great investment, and will bring the
house more money on the market. However, in mostly colder climates,
many of these outdoor areas aren’t in high demand, so it’s important to
know your market when deciding to add a patio or deck to your next flip.
4.) Add A Bathroom
Sometimes adding a bathroom can be the best use of space, and can add
tremendous value to a property. Think about houses and the american
family. Back when a lot of these homes were built, family sizes were
different and any of these houses that you buy to remodel may only have
one bathroom.
If you’re in an area where the comps all have 2 bathrooms, then you would
have to list at below market just because you have less bathrooms than the
surrounding properties. There is a really simple way to fix this though, and
it’s as easy as adding a bathroom.
Yes it’s an additional expense, but you are going to get less money for a
property even if its identical to the rest of the comps, if it has less
bathrooms than the other houses. In this case, it makes sense to add a
bathroom. The increase in asking price will cover any costs, and in most
cases, you’ll end up making more money on the back end if you add
another bathroom.
5.) Add Storage
Adding storage to a property can be a huge advantage and can help your
property stand out from the comps, and could even get you a higher offer.
The fact is that people have alot of personal items. Whether its clothes,
cars, boats, collectibles, or anything in between, it’s important that they
have room to store these things.
With that in mind, a newly remodeled home with a walk in closet, or plenty
of storage space in the kitchen would be a huge selling point for many
potential buyers. In many cases, adding storage space isn’t a huge
expense, and can make a property much desirable.
There are many ways to add value to a potential flip property and these
were all merely suggestions. You should consider your market and what is
currently selling before making any repairs or renovations. However, we
hope these ideas will help you add value to your next flip property

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