A fix-flip has many moving parts, but the most important part to you, the investor, is getting the biggest return on investment. In order to make sure that happens, being in tune with what potential buyers are looking for in a recently flipped home is paramount. Below are five important design considerations for fix-flip homes that no investor should overlook.
Don’t Skimp on Staging
Most home buyers are not designers, and many people have trouble picturing their belongings, or indeed themselves, in a gut renovated, empty, echo-y home. Take the guesswork out entirely by staging your flip. You might even consider hiring a professional flipper. First impressions can make or break a sale, and the more that potential buyers have that ‘feels like home’ sensation when walking through your flip, the better. According to HGTV, “The goal of staging is to make the home speak to everyone else, in a compelling and positive way.” Bottom line: Staging has the power to help buyers visualize themselves in a home, when they themselves cannot.
Keep it Neutral
This rule goes along with the importance of home staging. In a freshly flipped home, the last thing potential buyers want to see are bold colors. Even if you think it complements the style or character of the home, to a buyer who doesn’t like it and has to repaint, it becomes an unwanted chore. Furthermore, neutral colors can make the space feel bigger and can actually help potential buyers visualize their own furnishings in the home.
While a lot of landscaping can be expensive, investing in a few smart landscaping items is worthwhile. When buyers are looking at a recently flipped home, they’re looking at something that up until that moment was a construction site, and you don’t want any traces of that to come through. The key to landscaping a fix-flip is to minimize the rawness of the lot and to make the landscaping look as established as possible.
A relatively inexpensive and impactful thing to use is sod. Laying down sod instantly gives a home a familiar curb appeal, and over time will blend in naturally, looking like it was always there. Depending on the season, adding climate-appropriate plants or flowerbeds that compliment the home also adds curb appeal.
Splurge on Kitchens and Bathrooms
Kitchens and bathrooms are places where the quality of finishes (or lack thereof) is always highly visible. They need to look especially sleek and current in a flipped home. And because kitchens and bathrooms are generally the biggest re-do's in a home, they’re something potential buyers won’t want to touch for a while. In fact, according to HGTV, a mid range kitchen remodel today can cost anywhere between $12,000 and $66,000. Making sure they are finished with a timeless, neutral aesthetic and high quality finishes will make all the difference.
Details, Details, Details
Lastly, when flipping a home, don’t overlook small things like making sure switch plates are securely screwed, paint lines are straight at the edges, and moldings are properly aligned throughout. These things may not seem like make or break factors but in fact, they are. Potential buyers are looking at every detail, and if they see sloppy attention to detail on the surface, they’ll also worry about the quality of the work in areas they cant’ see; important areas like the foundation, the electrical, or the plumbing.
Investing in these properties can be very lucrative. These five considerations for fix-flip homes will help you maximize the return on your investment and allow you to continue investing in such properties.