A successful fix-and-flip project always begins with obtaining financing through CIVIC, but it doesn’t end there. Developing a rehab plan, and sticking to it, will insure your project goes smoothly and stays within budget. Here are a few simple tips to assist you in preparing your renovation plan.
Focus On Rooms That Matter
It’s often said that kitchens and bathrooms “sell” homes. It should come as no surprise that those areas require the most attention, and dollars, when preparing your budget. Quartz counter-tops and stainless appliances may seem like a huge expenditure, but remember that you will be saving money every day that your investment property isn’t still sitting on the market waiting for a buyer. Planning which rooms to upgrade is essential before you start pulling up floorboards or tearing down walls.
Consider The Property’s Potential Use
Will your fix and flip property ultimately be used as a rental, or as someone’s primary residence? It’s a great question to ask when considering what sort of upgrades you should budget for. You may want to skip installing hardwood floors in a property that will more than likely become a rental. Building a swimming pool, finishing a basement, or adding a bathroom are substantial upgrades that would appeal to a family looking to make your flip their forever home.
While you can never be certain what the property’s end all use will be, the neighborhood demographics and location are good indicators. You’re also safe in assuming that a property one block from a university will have a much different use case than a property located between a park and an elementary school.
Don’t Over-Design Elements Of The Home
The last thing you’ll want to do is create elements in a home that are wildly different from the rest of the house. There’s a really good chance that no one will care about the bamboo flooring if there are still popcorn ceilings. All kidding aside, just make sure you’re planning for a balanced look and feel. Keep in mind that it’s generally a good idea to improve functionality over style when allocating your renovation dollars. Choosing the energy efficient windows over the floor to ceiling limestone fireplace may even end up saving you some money.
Also Check Out: 5 Tips For Selling Your Fix & Flip