25 Apr 4 Areas to Consider Investing in for Your Next Flip
Flipping a house is both a fun adventure and a big challenge. Choosing the right project takes tons of planning and organization, but the real work kicks in when it comes time to make decisions about the changes you want to make to the property.
These decisions can be costly, so don’t forget to explore all your options. A notable way to help pay for the costly updates is a home equity loan. A home equity loan can help you leverage the equity of your current home to finance the construction of your flip property. Using your home’s equity in these home systems will help you maximize your sale and create a quality home that will last your buyer many years.
HVAC
HVAC systems are critical in a home, especially since they can be so costly to repair or replace down the road. It’s important to consider the climate of the home’s location as one of the factors to choose the right HVAC system. If it’s in a climate that’s mainly warm, like the south, then having a powerful air conditioning system will ensure the new residents’ comfort. If the home is located in an area that experiences cold weather as well, having a system that balances heating and cooling well is the route for you. Selecting the right type of unit for the size and age of the home is critical because some older homes don’t support air conditioning systems, so you’d have to decide if that’s an expense you want to take on or if you’d be better off only replacing the heating unit. As for the size of the house, making sure you purchase a furnace that can heat and cool multiple floors or rooms is essential if the home is large.
Kitchen Appliances
The kitchen is arguably the most important room in the house. Investing in quality appliances will make buyers aware that you are making decisions with their future in mind, not just making a profit. Consider choosing modern stainless steel appliances that are in the middle range of prices. This will show potential buyers that you care about the quality of work in the home as well as the affordability. This is also an opportunity to include some energy-efficient appliances to show buyers that sustainability can go hand-in-hand with quality. Undertaking major expenses like this in a flip is no small feat, so deciding if a fixer-upper is right for you is key. If you don’t think you’re ready for a full renovation, consider choosing a property that only needs small updates as your first flip.
Security Systems
Safety is a top priority for buyers. Even if the home you’re flipping is located in a safe neighborhood, buyers are looking for extra security in addition. The most common addition is a home security system to alert homeowners and authorities of a break-in. To take safety a step further, it’s becoming increasingly common to install a few security cameras around the property. This could be something as simple as wiring the front door, so the buyer can install a doorbell camera if they wish. If the lot has space, fences, or gates around the property are also common to help keep your land as private as possible.
Bathroom Fixtures
Even though bathrooms are the smallest rooms in the house, they require some of the most planning. A bathroom should be as functional as possible, since the next homeowner will use it daily, similarly to the kitchen. Selecting high-quality fixtures is one way to make sure the bathroom is functional, well-built, and beautiful. Choosing the right fixtures is only part of this, it’s equally important to install them properly, so they don’t leak, break, or lose water pressure over time. Including quality fixtures in your flip is essential for buyers to see that they’re making a sound investment in your property.
Although flipping a home may feel overwhelming at first, the end results will leave you feeling proud of yourself for all the hard work. There’s no shame in starting with a small fixer-upper and working your way up once you’ve gained more experience. Don’t forget to follow the four key tips above to help you get started.