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 property’s value, understand that there are many
improvements that can be made in addition to any listed here.
 
Also, it is 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 it’s 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 it’s important to have them done right. By renovating these two
areas, you’ll add value and increase the number 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 most 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 fewer 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 it’s identical to the rest of the comps if it has fewer
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
the property stand out from the comps, and could even get you a higher offer.
The fact is that people have a lot 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
 
We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. We also share information about your use of our site with our social media, advertising and analytics partners. View more
Cookies settings
Accept
Privacy & Cookie policy
Privacy & Cookies policy
Cookie name Active

PRIVACY POLICY

PRIVACY POLICY

This site (the “Site”) is owned by Legendary Investors Group, INC, a Michigan Incorporation (“us,” “we,” or “Company”). We created this Privacy Policy (“Privacy Policy”) to explain how we use the information we collect on the Site. This Privacy Policy is only applicable to the Site, and not to any other websites that you may be able to access from the Site, each of which may have data collection, storage, and use practices and policies that differ materially from this Privacy Policy. How your Personal Information is Used We use Personal Information in the following ways: 1) to enable you to use our Site and Service; 2) to contact you about our Site, Service, and other related products and services in which we think you may be interested; and 3) to customize and tailor your experience on our Site. We do not sell, license, transfer, and/or share the billing information we collect from you, other than for billing purposes. We use an unaffiliated credit card processing company to process your payments. We transfer your payment information—and you authorize us to do so—to this company solely for this purpose. The company does not retain, share, store, or use your personally identifiable information for any other purposes. We use the Transaction Data we collect to enable users to conduct and analyze marketing campaigns, and to calculate commissions. We also use non-personally identifiable Transaction Data and the associated IP address to track visitor’s page access on our system and to improve our Site and Service as well as provide conversion statistics for our affiliates (similar to Google Analytics). Additionally, the registered member that referred you (if applicable) to our Site is able to view your email address and independently use your email address in their marketing efforts under the same terms and conditions as stipulated in this agreement. Registered members can also display the name and telephone number for the person who referred them to our Site, as well as the following information about members of their team (i.e. referrals who become registered users of our Site): name, telephone number, login name, and email address. You may choose not to provide us with any Personal Information. In such an event, you will not be able to access and use our Site, Service, or some of the services it provides. Information We Collect We automatically track and collect the following categories of information when you visit our Site: 1) IP addresses; 2) domain servers; 3) types of computers accessing the Site; and 4) types of web browsers used to access the Site (collectively “Traffic Data”). Traffic Data is helpful for improving your experience on the Site. We also use “cookies” to optimize the user experience. Our Site provides access to educational content and ongoing educational services for you to use in connection with traffic generation and effective execution of marketing campaigns (collectively, the “Service”). In order for us to be able to contact you about your use of the Site and Service, we require you to provide us with certain information that personally identifies you (“Personal Information”). Personal Information includes the following categories of information: 1) Contact Data (such as your name, company name, contact information, telephone number, email address, and login name); 2) Financial Data (such as the credit/debit account information for the account you want to establish for billing purposes); and 3) Transaction Data (for example, the name of the person who referred you to us, the names and contact information for people you refer to us, data about specific marketing campaigns and results, consumer contact information such as email addresses and phone numbers, and related marketing materials). If you communicate with us by e-mail, post messages to any of our blogs, chat groups, bulletin boards, or forums, or otherwise complete online forms, any information provided in such communication may be collected as Personal Information. Confidentiality and Security of Personal Information We may also (and you authorize us to) disclose your Personal Information to: a) comply with a court order or other legal process or inquiry; b) protect our rights or property; or c) enforce our Terms and Conditions. Your Personal Information is stored on secure servers that are not accessible by third parties. We provide you with the capability to transmit your Personal Information via secured and encrypted channels if you use a similarly equipped web browser. To confirm that your Contact Data and Financial Data are correct and up-to-date, you may review and update it in your member profile area of the Site accessible via your secure login credentials. The Site contains links to other websites. We are not responsible for the privacy practices or the content of such websites. We also make blogs, chat rooms, forums, message boards, and news groups available to you. Please understand that any information that is disclosed in these areas becomes public information. We have no control over its use and you should exercise caution when deciding to disclose your Personal Information. This Site is directed at teenagers and adults and not to teenagers or children under the age of 18. We do not knowingly collect personally identifiable information from children under the age of 13, nor do we knowingly distribute such information. We do not knowingly allow children under the age of 13 to publicly post or otherwise distribute personally identifiable contact information through our website. Similarly, because we do not collect any personally identifiable information from children under the age of 13, we do not condition the participation of a child under 13 in activities on providing personally identifiable information. If we become aware that we have inadvertently received personally identifiable information from someone under the age of 13, we will delete such information from our records. If we change our practices in the future, we will obtain prior, verifiable parental consent before collecting any personally identifiable information from children under the age of 13. We have implemented a number of security measures to help protect against the loss, misuse, or modification of information we’ve collected from you. Your Personal Information is transmitted to and stored on servers that we have taken steps to protect from unauthorized access or intrusion. We do not ensure or warrant the security of any information you transmit to us. You acknowledge and assume this risk. We reserve the right, at any time and without notice, to add to, change, update, or modify this Privacy Policy, simply by posting such addition, change, update, or modification on the Site and without any other notice to you. Any such addition, change, update, or modification will be effective immediately upon posting on the Site. In the event of substantive changes to this Privacy Policy, the new terms will be posted to the Site, you will be required to affirmatively assent to its terms, and you may also be notified by email. If any modification is unacceptable to you, your only recourse is not to use the Site and the Service, and to request an immediate termination of your membership. Your express consent or continued use of the Site or our Service following posting of a change notice or new Privacy Policy on the Site will constitute binding acceptance of the changes. This Privacy Policy is part of your Terms of Use agreement with the Company. This site is owned and operated by: LEGENDARY INVESTORS GROUP 24655 Southfield Road, Suite 101 Southfield, MI 48075 Effective Date: March 1, 2015 If you are in the European Union, you can choose to lodge a complaint with your local Data Protection Authority (DPA). The list of DPAs is at http://ec.europa.eu/justice/article-29/structure/data-protection-authorities/index_en.htm.
Save settings
Cookies settings