Property flipping can be a lucrative business if done properly. The property’s location is one of the most critical factors to consider because this can’t be changed. But there are a few additions you can do to hike the resale value and turn a good profit. Here is a list of the home improvements you should consider for such projects.
Improve the Facade’s Appeal
First impressions count when selling real estate, particularly homes, so improve the facade as much as possible. Paint or replace the front door, or even give it a power wash. A new door knob, name plaque, house number, and mail box can also help to make your property look better, smarter, or different from your neighbors in a good way. Other things you can improve on the facade are the front lawn, landscaping, fencing, and siding.
Create an Off Street Parking
In some parts of the US, parking close to your front door is a massive advantage and premium feature as opposed to parking on the street. If the front area of the property has enough space to accommodate a driveway for at least one car while leaving some green lawn space, this can be a big advantage.
Declutter
When there’s too much furniture or items in the house, the interior can feel squeezed. Try to declutter as much as possible, leaving only the essential items that are functional in the house. For instance, you can maintain only a single set of seats instead of two or replace a large dining table with a small one. The kitchen and bathroom are considered high-impact rooms in homes, so pay special attention when decluttering these. If the spaces are still small, try converting unused areas in the home, such as the attic and basements, into living areas. Alternatively, you can declutter everything to leave a blank canvas for the potential buyers to play around with.
Enhance Natural and Artificial Lighting
While it might be difficult or expensive to add more windows, you can enhance the natural lighting inside by painting the walls with bright colors and installing mirrors to reflect light. Mirrors also create an illusion of a larger interior space, so you get to kill two birds with one stone.
As for artificial lighting, don’t overdo it. Pick fixtures that give the home a warm and welcoming ambience without being too much.
Fix Superficial Defects
Superficial defects can be a sign that indicates the house has been neglected over the years. Things like leaking taps, squeaky floors, limescale buildup on bathroom and kitchen fittings, broken lightbulbs, and dirty walls can scare away buyers. Bigger issues like damp floors and mold growth should not be covered up. This shortcut is cheaper but it will come back to haunt you because it will show in the survey. In such a case, it is best to redo the damaged flooring.
Introduce Smart Technology and Energy Efficiency Features
This is perhaps the most significant upgrade you can do to increase the value of your property. Smart home technologies are becoming increasingly important to potential home owners, so consider installing smart lighting, thermostats, security systems, and built-in home assistant integrations coupled with multi-room music platforms. WellPCB can help you develop these technologies using their high-quality, low-cost PCB assembly service solutions.
On the part of energy efficiency, improve the property’s insulation by replacing old windows with double-glazed ones and redoing the wall insulation in the rooms that feel cold or too warm. IoT and smart technologies can also help boost the energy efficiency of the property by automatically turning off devices when not in use, checking where there are insulation leaks to help improve the insulation, and automating/tuning AC and heating systems. The goal is to boost the property’s EPC (Energy Performance Certificate) rating, which can bump its value by thousands of dollars.
If you have the money, consider installing solar panels and power walls to either reduce power consumption, run completely off-grid, or produce excess power to sell back to the grid (net metering). Potential buyers love such features.
Makeover the Kitchen and Bathrooms
As stated earlier, kitchens and bathrooms are considered high-impact rooms because they play a big role in determining if the potential buyers will take the home. It might be expensive to overhaul entire kitchens and bathrooms, but you can upgrade appliances, paint wooden panels and doors, upgrade the pantry, replace cupboard handles, update the countertops, and install better lighting fixtures. If the house has only one bathroom, you can install another one if there’s enough space and money for this.
Spruce Up the Gardens
Lastly, if the property has a garden at the front, back, or both, don’t forget to spruce them up by bringing in a few potted plants, adding a fire place at the rear (perfect for hosting), clearing the pathways, and cutting overgrown trees and bushes to allow maximum sunlight to flow into the gardens. For properties built on large plots, a deck, patio, or porch would be a nice feature to have.
Wrapping Up
Property flipping is not without its risks because you might spend a lot on renovations, which will reduce your profits or make your final price too high. But if done right, you can capitalize on the housing shortage in the US to build a highly profitable business. Doing it right means partnering with reputable service providers, developers, and tech providers who’ll enable you to upgrade these homes to high standards and at low costs before selling. On the tech part, I recommend WellPCB, a circuit board manufacturer that will help you to develop high-quality smart home solutions at reasonable costs. Contact them to learn more about their services and how you can partner to actualize your projects.
