By Greg Herlean
Flipping houses is an ambitious pursuit that can be rewarding if you have the tools, expertise and patience to see the project through to fruition. At Property Bank, we’re constantly on the lookout for ways to maximize our investment, implement effective design strategies and get the most out of every rehab project.
How do we do this? Well, there are plenty of ways to approach the process, but the best way we’ve found to approach flipping houses is to use effective design and upgrades throughout a home. Here are three of the most effective upgrades you can choose that can offer a maximized return on investment.
Tend to the Basics
If you hear the word upgrade, you may start imagining switching dated laminate countertops for stylish granite slabs. This may be a good idea later, but the best upgrades you can make are ones that cover the home’s necessities. Nobody will care about the countertops if the roof is leaking, for example, so you’ll see the best return on investment when you tend to the property’s most basic needs first. Ensure the roof is in great condition, replace the gutters if you need to and check your water heater. These may not seem like upgrades that are likely to attract buyers or renters, but without them, you certainly might scare interested parties away.
Upgrade Flooring for Durability and Décor
When you are planning the next stage of your rehab, you might be wondering what design elements will best attract people. This is a challenge faced by every person who has ever taken on flipping houses. You can’t predict what your buyers might be looking for, but you can cater to the needs each of them will have. Flooring is a great place to upgrade and capitalize on your market’s need for durability. Replacing old and work floors with fresh and new wood, for example, shows interested parties that the property is designed to last. Individual tastes vary, but renters and buyers will always need durability, and your rehab should focus on this.
Get Great Appliances
Fixtures can be upgraded to feature durable, high-quality craftsmanship, and this will always be appealing. Instead of wondering what fads to chase, invest in timeless design that will last. This is particularly applicable when it comes to upgrading appliances in your property. Choose a collection of appliances that are high quality, durable and stylish. People will pay more attention to the oven in the kitchen than the countertops, anyways, so be sure that you are placing your emphasis where it belongs. Design is only as good as its functionality.
Investing in your home’s basic features, flooring and appliances is the best way to ensure you maximize the return on your investment and turn a great profit on your rehab. You can bet these three items are well worth the upgrade, and when you begin looking for buyers or renters, they are bound to notice all of your hard work. At Property Bank, we believe that investing in quality upgrades will always have the best results.