Important Considerations for Higher Profits While Flipping a House
Flipping houses has become quite the profitable side hustle. If you are looking to get into flipping homes or you are trying to maximize your profits, keep reading.
Today we are going to dive into things you should consider to get a higher profit on your flip and share our top quick upgrades for maximizing your profits. Let’s get started.
There are a lot of moving parts when it comes to flipping a house. Each one is different depending on the state you bought it in, your budget, and the always-changing real estate market. In general, there are three main considerations when focusing on higher profits for your flip.
Quicker the Better
First off, time is money. You have heard that a million times, but the longer you take to re-sell your flip, the more money it costs you. So, in the planning stages, always think about how much time something will take versus how much more you’ll make by doing it.
Choose Projects Wisely
Building off of that, to ensure you don’t get bogged down with renovations and cost yourself extra money by extending your flip timeline, choose your projects wisely. Not only should you choose the houses you intend to flip wisely, but you should also choose which upgrades you decide to make wisely.
Any project that doesn’t add value, isn’t fixing a building code violation, or will extend your timeline should be avoided.
Keep a Cohesive Look
If you are going to make an upgrade, you should ensure that it doesn’t stand out in its surroundings. When you make one upgrade and not another, rather than being more attractive to buyers because of that upgrade, you actually lose out on profit. This is because it draws focus to the upgrade you didn’t make.
It is a delicate balance between upgrading enough to look cohesive while not upgrading so much that it takes forever and eats into your profit.
Quick Upgrade Ideas
With these three important considerations in mind, take a look at these top quick upgrade ideas for higher profits while flipping homes.
Replace The Windows
As we all know, when it’s hot and sunny energy costs go up. Replace any old or broken windows in your flip with energy-efficient double-paned windows.
When it comes to home renovations, new windows have one of the highest returns on investment, as much as 85%. Just ensure you think about all the replacement window parts. The seals will need to be replaced, too, not just the glass.
Of course, we also have to think about how much time a project will take. Replacing windows is usually a one-day project, so it more than meets that consideration, too. It’s an upgrade that’s quick, well-liked by buyers, and gets you more profit.
Overhaul the Kitchen
Like the windows, kitchen renovations have an extremely high return on investment (ROI). However, the trick is to not go overboard in the kitchen. Despite being good for profit, they can take a while to complete if too many elements of the space are changed which then negates your increase in profit.
Focus on the big things– new appliances, a fresh finish on the cabinets, new hardware, and a modern wall color.
Epoxy the Garage Floors
The garage is overlooked in a lot of flipped properties, though opting for
epoxy-painted concrete floors is a good upgrade to make. Not only do epoxy-painted concrete floors in the garage make the house stand out during resale, it only takes a day or two and will earn you more profit than your investment.
Give it a Quick Coat of Paint
Of course, the quickest upgrade to change the entire home without much effort is to give it all a quick coat of paint.
Blend the rooms with complementing shades or set spaces apart with defining colors such as a
swiss coffee paint color. Regardless, painting can be done in one day with a professional team and provides a world of benefits when listing it later.
Create An Outdoor Space
When the weather is great homebuyers love to spend time outside, so creating an outdoor space during a flip will lend you an opportunity for high profits. Buyers love to see outdoor spaces and they can be easy to throw together.
As an example, you could lay out an area in the backyard, fill it with river rock, hang some solar lights, and stage a small table. If there’s already a covered porch, one of our favorite
outdoor porch ceiling ideas is to use shiplap for detail, re-finishing, and durability.
Add Solar Panels
Speaking of the sun, solar panels are a fantastic upgrade for a house flip. In almost all markets, solar panels offer a high return on investment. They can be installed quickly and will be a top re-selling feature.
A Bathroom Remodel
Like kitchens, bathrooms are a good place to upgrade. In the new bathroom, include a
heated shower floor, an amenity that is sure to wow buyers without sacrificing your bottom line.
Get the Most Out of Your Next House Flip
As you can see, much of maximizing profits when flipping houses is all about making decisions based on as much information as possible. If you choose to let a company take care of managing your property so you can have ease of mind contact
Revitalize Realty LLC. See how they can help today!
