Being that there are a lot real-estate investors on this board as well as guys looking to get started in the business (like myself), I figured we could all benefit from a thread of this nature.
A mentor of mine used to constantly talk about the “Bang for the buck factorâ€. Meaning, what little things can you do for people that will entice them to buy from you over someone else, or more importantly, “Who is giving them the most for their moneyâ€?
In a real-estate market where homes for sale FAR out number the amount of eligible buyers, the presentation of your home when you throw a “FOR SALE†sign out front has gotta play a huge factor in the buyer’s perception of value.
Therefore, what little things do YOU do when selling a home that may not take much time or money to do, but always seem to help speed up your sale and on the best terms?
Do you install crown molding throughout the house? Replace kitchen countertop? Paint every room in the house as “neutral†as possible? Install ceiling fans? Give your bathrooms a minor facelift? (maybe new tile?). Do you replace carpeting, maybe install Pergo flooring? Do you re-face cabinets? Install new door hardware throughout the house? Maybe you install dimmer switches in a few rooms? Maybe you favor exterior “curb appeal†and concentrate a lot on landscaping/rock gardens, koi ponds, fresh paint/siding, etc. etc. etc.
Now, we all know that the key to making money when you flip a house or providing that appeal to your buyers may be a combination of A LOT of the things mentioned above. There will be a large amount of discretion about “what is needed†and what is preferred when fixing a house up, but just for kicks; lets say you buy a 3-bedroom home that you intend to flip, and you have given yourself a $5,000 “FIX-UP†budget to dress the place up. The home is in “decent†shape and doesn’t need a full re-hab or any major repairs (roof/furnace/AC/HW heater, etc.), but it is showing its age, and there are definitely things you can do to it to add “value†or appeal.
Where do YOU start?
What renovations provide the most “bang for the buck†when you’re fixing a house up to sell, and what jobs would YOU recommend to others looking to get the most out of their money when flipping a house?
To the pros that may contribute to this one, thank you in advance for your insight!
A mentor of mine used to constantly talk about the “Bang for the buck factorâ€. Meaning, what little things can you do for people that will entice them to buy from you over someone else, or more importantly, “Who is giving them the most for their moneyâ€?
In a real-estate market where homes for sale FAR out number the amount of eligible buyers, the presentation of your home when you throw a “FOR SALE†sign out front has gotta play a huge factor in the buyer’s perception of value.
Therefore, what little things do YOU do when selling a home that may not take much time or money to do, but always seem to help speed up your sale and on the best terms?
Do you install crown molding throughout the house? Replace kitchen countertop? Paint every room in the house as “neutral†as possible? Install ceiling fans? Give your bathrooms a minor facelift? (maybe new tile?). Do you replace carpeting, maybe install Pergo flooring? Do you re-face cabinets? Install new door hardware throughout the house? Maybe you install dimmer switches in a few rooms? Maybe you favor exterior “curb appeal†and concentrate a lot on landscaping/rock gardens, koi ponds, fresh paint/siding, etc. etc. etc.
Now, we all know that the key to making money when you flip a house or providing that appeal to your buyers may be a combination of A LOT of the things mentioned above. There will be a large amount of discretion about “what is needed†and what is preferred when fixing a house up, but just for kicks; lets say you buy a 3-bedroom home that you intend to flip, and you have given yourself a $5,000 “FIX-UP†budget to dress the place up. The home is in “decent†shape and doesn’t need a full re-hab or any major repairs (roof/furnace/AC/HW heater, etc.), but it is showing its age, and there are definitely things you can do to it to add “value†or appeal.
Where do YOU start?
What renovations provide the most “bang for the buck†when you’re fixing a house up to sell, and what jobs would YOU recommend to others looking to get the most out of their money when flipping a house? To the pros that may contribute to this one, thank you in advance for your insight!
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