Flip it or Lose it! The Purpose of Making Major Property Renovations before Flipping

2005 was the year of the US housing bubble, which brought with it the concept of house flipping. This involves taking a rundown house, renovating it, and selling it in the same year.

But then, the bubble burst. Property prices dropped and homes lost immense value. Thankfully though, the American economy has recovered from this shock.

With the flipping trend at an all-time high, once-novice home flippers are now making smarter decisions to bring in the big bucks. One of these decisions is to make major renovations to a property to increase its price.

But if you’re a house flipper, keep one thing in mind; making renovations to a to-be-flipped house has limitations. You don’t need to give it a complete makeover, but the changes also can’t be so minimal that they add no value.

So let’s what you should focus on and who can help you out!

The Ideal Renovations

Think along the lines of, ‘what changes would a potential homeowner want to make to a house?’

They might want to change up the bedrooms, the living room, the garage, or the landscaping. But the chances are that they might not want to touch two particular rooms if they’re already beautiful; the bathroom and the kitchen.

Commonly used and obviously significant to a home’s architecture, the bathrooms and the kitchen are notorious for taking up a big chunk of your budget to renovate them.

Take bathroom remodeling as an example. If you, as a house flipper, were to plan even a simple bathroom renovation, you’d have to overhaul all the installations and fixtures, the flooring, the plumbing and wiring, the cabinets, and the storage. Aside from costing way more than your budget will allow, this renovation will take more time and manpower.

But put yourself in a potential homeowner’s shoes. When they see that you’re selling a property at a hiked-up price, but also find that it comes with a splendid kitchen and bathrooms, they’ll see the house as an investment.

Adding a Touch of Personality to the Style

Kitchen and bathroom remodels are also worth the effort because they add to the house’s personality. Consider what would happen if you showed bland, underdeveloped rooms to a potential buyer.

Need Some Help?

Your flipped home needs to be worth buying, even if you do add a hefty price tag to it.

So why not start with the basic major renovations? NYLoft can help you there!

As a leading home renovation firm in NY, we have the experience and expertise you need for your resale property. Book an appointment today to get this project started!