The Room-By-Room Guide To House Flipping
If you want to Flip Your House, you need to know how to properly rehab and stage each room.
Rehabbing is the most time consuming, and often most stressful, part of house flipping. During this process, you will have to deal with a set of contractors, and constantly make sure that they are completing the job you requested on time and within your budget.
Then, if you choose to stage your home, you want to do it in a way that will optimize your chances of adding value to the property. If you spend frivolously on useless furniture and decorations, you might as well be flushing your money down the toilet.
If unexpected costs arise from rehabbing and staging, and you have to pay a great deal more, you could wind up selling the house at a loss.
To avoid going over budget, you should learn how to approach each room in the house. Below is guide to help you flip your house room-by-room.
As you probably know, the most important room of the house is the kitchen. Unlike most of the other rooms in the house, the kitchen has a great deal of built-in appliances and furniture. A full kitchen remodel can end up costing you (or the buyer) around $20,000.
Because of this, a good kitchen and might make the difference for the potential buyers, while a bad kitchen will turn them off.
When remodeling kitchens there are four main things you need to consider: Floors, appliances, countertops, and cabinets. Make sure you remember these three things: never buy a light colored floor because it will get dirty, always try to match your appliances, and contrast the countertops with the cabinet.
Second to the kitchen, the bathrooms are the most important rooms in the house. Bathrooms have a number of expensive components that can either make or break the room.
The cheapest way to increase the value of your bathroom is by replacing the fixtures. A matching faucet, towel rack, door hinges, showerhead and doorknob can really both bring the room together and make it feel newer.
Other pieces you might want to consider replacing are things like the floor, wall tiles, and even the toilet if need be.
Finally, if one of your bathroom walls faces a nice view, like a beach, a lake, or a mountain, you might want to consider having a new window installed to show it off. This is a strategy for a more expensive home, and you should only do this if you have extra room in your budget.
In a standard basement rehab, you will want to check and secure a few things. You will want to make sure there is no mold problem, water leak/ water damage, and that the water heater is in good condition. While the water heater can be replaced, the former two issues are more serious. If there is any mold or water problem, try to spot it before you purchase the house.
However, if you have a surplus in your budget, you might consider turning the room into a finished basement.
The Master Bedroom
The buyers of a renovated house are almost always the ones that going to be living in the master bedroom. While children are considered, a small, plain, child’s bedroom isn’t usually going to dissuade the parents from buying a particular home.
To make your master bedroom appealing, there are a few things you can do. Showcasing the closet is easy, inexpensive and effective. Try installing wire shelving to show the potential buyers how they could utilize the space. In fact, this is a strategy you can use anywhere in any closet in the house.
If the master bedroom does not have an attached master bathroom, but there is however a bathroom that shares an adjacent wall, you might consider doing some demolition. You can install a doorway from the master bedroom to the bathroom, and perhaps remove the door from the bathroom to the hall. This master bathroom will give the adults of the house the privacy they desire.
The Living Room
One of the greatest potential focal pieces your house can have is a fireplace. If there is a fireplace in your house, make sure that it is in good condition. If it is made of wood, you might want to throw on a fresh layer of paint to make it look clean and new. Or maybe you could try hanging a painting over the mantle to accent the piece if you are staging the house.
Speaking of home staging, you could set up some furniture in conversational arrangements to show the potential buyers how the space can function.
Finally, an overhanging deck is perhaps one of the greatest selling points on a house. Not all houses have them, but if yours does, make sure you show it off.
A common mistake that many house flippers make is to leave the deck bare and alone. Try adding patio furniture, a grill, or plants for your open house. These elements can really bring the deck to life.