It’s hard to turn on the radio, scroll through Facebook, or watch a Youtube video without some ad for flipping homes popping out at you. This fad isn’t new and it isn’t a fad. People have been making money flipping house for years.
Have you decided that you would like to join those who have made money buying a home, fixing it up, and selling it again for a profit? Excellent!
Be aware, however, that there’s just a bit more work involved than most people think; repairs and inspections that get missed and reduce the resale price of the home. So before you jump in, take a look at these important projects that need to be taken care for each home.
It’s in every room of the house and easy to damage, but just as easy to repair. Drywall is the paper and gypsum boards that cover the framing in every home. If you hang a picture, you are putting holes in it, those with anger management problems tend to punch holes in it, and a wrong move with something sharp or hard will scratch it easily. Fortunately, with a few repair kits from your local DIY center and some paint, drywall can be fixed and looking like new in no time.
That being said, if you haven’t worked with drywall, drywall tape, and drywall mud before, it might be wise to hire a contractor to make any repairs until you’ve had some practice. Once these are done, you are almost halfway to making the house look like new again.
This is another project that is simple and goes a long way toward the look of a home, but, like drywall, it is easy to spot the work of an amateur from the seasoned professional. If you are a DIY’er then a few gallons of paint will be fine. If not, call in the pro.
Another advantage to calling in a painting contractor is that you will get some great advice about color schemes. Eggshell may be popular, but certain paint pallets can alter the mood of potential buyer to your benefit.
It’s the little details that often make or break a sale and trim is one of the smallest. The baseplates, crowning, and moulding around the house are usually purely icing, but they catch the eye in a subtle way that tells a buyer just how well the house has been maintained. This is an area where DIY most often can’t cut it. It is usually better to hire a contractor who knows the little tricks of the trade.
Carpeting seems to be on its way out in terms of flooring with vinyl and laminate making a comeback. However, the mark of a well-loved home is hardwood flooring. Buyers who see that the previous owner put in the time and expense of hardwood will automatically feel that the rest of the house is fantastic.
Kitchen & Bath
Never neglect to update these two rooms. Nothing kills buyer interest faster than to see outdated tiles and fixtures. You are going to make an excellent profit on the house so spend the money to install modern appliances and ceramics. Solid surface counter-tops are still high in demand. Granite, Quartz, and Corian are great. You might even look into concrete as well.
For appliances, the trend is still leaning towards stainless steel, however titanium is growing in popularity due to its ability to block random fingerprint smudges. While you’re at it, replace that old toilet with a low capacity unit.
BTW, free standing vanity. Just sayin’.
This is Colorado. We have some of the highest and lowest temperatures in the country; sometimes in the same day. Buyers will want to know that the furnace and AC unit are in good working order. Call in a qualified tech to give everything a thorough check and have the ducts cleaned. Most buyer will turn on the fan, just to see how it works. Don’t blow your deal with dust blowing out at them.
Flipping houses can be a great way to make a lot of money in a relatively short period of time, however the difference between an amateur that will be broke in six months and the rich pro is the amount of time and care taken in refurbishing the home. If you can take care of the projects above, you’ll be well on your way to retiring early.