Fixing and flipping a house is always an exciting prospect. If the property you’re buying requires a lot of attention, it’s easy to get stuck into projects that waste your time and money. Fortunately, knowing a little more about what not to upgrade during your fix and flip will ensure you stay on track for making a profit.
Don’t upgrade everything
If you’re new to fixing and flipping, the temptation to make your house the most dazzling one on the street will feel real. Although achieving absolute perfection when renovating a property feels satisfying, you should save that type of effort for your own home. The major adjustments you make probably won’t translate to a significant profit, which means going above and beyond won’t be worth your time.
Instead, look at the basic fixes the property requires. For example, if the floor needs replacing, it’s okay to bring it up to a standard that matches other properties in the neighborhood. Installing underfloor heating, however, is likely won’t increase your profit margins.
Avoid installing elaborate lighting
Lighting is something that every property needs. But when you go beyond the basics you start stepping away from something that’s a necessity and toward an installation that’s subjectively attractive. While you may feel as though industrial-style lighting is enticing, you could shut out a selection of prospective buyers by letting your flair for interior design take over.
Instead of going to town on the lighting, focus on recessed and LED lights that’ll appeal to most people. Although they might feel a little vanilla, they’re simple enough to suit both contemporary and vintage décor lovers. As a result, you won’t alienate different prospective buyers by choosing something that only appeals to certain people.
Don’t create a luxury bathroom
When it comes to installing a new bathroom, make sure you focus on functional features only. Although the thought of a whirlpool tub, walk-in rainfall shower, and mosaic tiling might appeal to you, most people don’t see them as necessary. You’re unlikely to find that your resale value will increase in return for your efforts, which means you’re cutting into your profits for no good reason.
When installing a new bathroom or refurbishing one, consider what the must-have features are for most people. This often means a shower that’s powerful and cost-friendly, a tub, plenty of storage space, a toilet, and a wall-sized mirror. You can make a lot of savings in the pursuit of upgrading a bathroom while ensuring it’s functional enough for most buyers to love.
Of course, there’s a small caveat—if you are fixing a home in an upscale or luxury neighborhood, definitely bring the bathroom up to par for other homes in the area.
Always landscape wisely
Landscaping, when done well, can add thousands of dollars to the value of a property. However, if you’re going to retain that value you need to make sure your plans aren’t too elaborate. Once again, this means avoiding any embellishments that are too dazzling or subject to personal whims. You can encounter significant financial returns by making simple changes that translate well to lots of tastes.
Some of the best ways to landscape a garden and boost a property’s value include adding mulch, relaying grass that requires little maintenance, and creating low-maintenance bushes. Laying down slabs also proves valuable, but you don’t need to opt for stones that are too expensive or elaborate. Finally, if the yard you’re working on is particularly messy, consider using a clearance service.
Keep it Simple for Savings
In the pursuit of fixing and flipping a property, always remain mindful of which upgrades are non-essential. With a sensible approach, you’ll make sure the money you invest now results in excellent returns later. If you’re ever in doubt, consider whether the upgrade you’re making is something lots of people will love, or whether you just crave it for yourself.