If you’ve watched HGTV at any point in your life, then you know the beauty of house flipping and how your anticipation builds to see the reveal of the new and improved home. The funny thing about renovations is that they are a complete mess in the beginning but you have to be patient to see the forthcoming beauty.
A lot of times, the families you see on these shows are families who are looking to move with a set budget to spend. Ideally, these families want homes with all the upgrades and fixtures that are move-in ready but the reality of their homebuying wishlist is that they can’t actually afford all the things they want in a move-in ready home… So what’s their next best option? To flip a home.
Flip With Caution
A complete house flip can be pretty daunting, whether you’re flipping your own home or flipping one for profit, but nonetheless, it’s a great way to make extra income this summer! The thing about flipping is that some people like to look at flipping as an opportunity to DIY certain things. To be fair, there are certain projects that are perfectly fine to DIY… even the most novice of DIY’ers can attempt and achieve success but then there are certain projects that need to be left to the pros.
According to clovered.com, one out of every four homeowners gets injured in attempting some type of home improvement project on their own without the help of professionals. That’s a statistic that you don’t want to be part of. Falling off a ladder is the number one cause of injury.
But that’s the whole point of flipping a house… You hire professionals who know what they’re doing to make the upgrades you want. When you sell the house with the upgrades, you’ll make the money back you paid for the professional services, typically giving you a larger ROI.
If you’re looking to get started in the house-flipping business, don’t be intimidated at the idea of it. According to virgin.com, fear of failure is the biggest reason why most businesses never get off the ground in the first place. Instead of being afraid to start your house flipping business, consider being like George from Seinfeld and do the opposite of what fear is telling you and use this summer to refresh your business.
Consider starting out with a small house and utilizing these quick but effective upgrades first.
Quick and Effective Upgrades to Consider When Flipping a Home
Improving the Home’s Landscape
For whatever reason, people tend to not invest too much into the landscape of a home. Flippers will typically do just enough to have the bare minimum amount of curb appeal but not enough to stand out.
What new flippers tend to misunderstand is that in order to get people interested in the house they flipped is that you have to get them interested from the curb… thus, curb appeal. A freshly cut yard, bright flowers, and trimmed bushes all play a pivotal role in making people pull over to take a closer look at the home’s landscaping which will inevitably make them want to tour the home.
Replacing Exterior Siding
This is another situation where people think it’s the inside that matters most but again, in the same boat as landscaping, exterior siding is a significantly important part of giving your home a fresh facelift in your flip.
The biggest thing to understand about replacing the siding on the home you’re flipping is that siding endures harsh weather… you can’t expect it to keep its luster forever. Everything from weather damage and fading to permanent scratches and dents from your 16-year-old hitting the gas instead of the brake can all result in needing siding replaced.
This isn’t a project that should be taken on by you but it is a great project for a James Hardie siding contractor to take on. Don’t include yourself in those injury statistics. Seek the help of the pros.
Upgrade the Flooring
Carpet is okay for apartments and rentals simply because that’s what comes with it but when it comes to a permanent place to call home, people want hardwood floors or at least nice laminate flooring, but anything is better than carpet.
Carpet holds odors and stains very easily and if you don’t remove the stain in enough time, it can cause irreversible damage to the carpet. If you’ve watched these house flipping shows, the contractors will rip up the carpet and beneath it are beautiful hardwood floors… all they need to do is refinish it.
During your flipping adventures, make sure to eliminate carpet and if there are hardwood floors under the carpet, that’s going to be your money-maker, and people will pay good money for it too!
Give Fixtures and Hardware a Shiny New Look
Have you ever noticed that homes with upgraded fixtures and hardware are ten times more expensive than homes with basic fixtures and hardware? Well, if you haven’t it’s the truth. Homes with metal, iron, or stainless steel fixtures and hardware are upgrades that people are also willing to pay good money for not only because they’re aesthetically pleasing but because they last longer as well. That’ going to be an investment not only to the home you’re flipping but also to the new homeowners.