I know that after watching "Flip This House", everybody and their grandma wants to try house flipping by simply changing fixtures, painting, and slapping in some new carpet.... But, my company really focuses on delivering a quality product above and beyond anything you will find in that price range within town.
Some things I look forward to changing when I walk through a potential rehab include:
- Doors (Change from those old wood grain doors to new 6 panel doors)
- Countertops (It's inexpensive to use a formica simulated granite counter now...)
- Appliances (We always always always use new stainless steel appliances...)
- Ripping off wood paneling, and drywalling then retexturing
Things I think make the biggest change in value:
#1). Landscaping -- Many flippers overlook this, but in my opinion -- Nothing can improve the look and value of a house like quality landscaping. A little sod can go a long way! A few landscaping timbers will not break your budget and will really add to the yard... And you can buy mulch in bulk really cheap.
#2). Getting rid of popcorn ceilings and replacing with knockdown texture
#3). Putting on a new roof, if needed. It's not that expensive if you have the right contractor and priced it into your purchase price.
#4). Installing Ceramic tile in the kitchen and all the bathrooms. Don't be cheap with flooring!
#5). Using an upgraded carpet. Again, don't be cheap with the flooring and buy the crap landlord grade carpets. Pay a little extra for a cut berber or thicker carpet! Also, always pay for the extra thick pad to put under it.
Potential Money Pits?:
Well, you could say that anything is a potential money pit, but here are a few common ones that come to mind:
- Replacing or retexturing concrete driveways -- It just doesn't seem to be worth your while most of the time, and the customers don't really seem to care much about it.
- Finishing garages -- Sometimes it can look nice, but most buyers don't care much about the garage.
- Granite countertops -- Most neighborhoods are simply not granite countertop neighborhoods, so I'd stick with Formica.
- Cabinets -- If you replace cabinets, I'd try to find a full set for around $2k... Many people blow their budget by spending $5-6k on cabinets, and it's totally unnecesary.
- Staging -- Don't spend $5k to stage a house that you are only going to make $15-20k on when you sell it. Go to Kmart or Target and pick up a few simple pieces of furniture for under $500 bucks, and then plan on reusing them in your other flips in the future. Do not pay for furniture rental or staging services from an external vendor -- As you will get ripped off, big time.
Cheers,
- Hakrjak
Some things I look forward to changing when I walk through a potential rehab include:
- Doors (Change from those old wood grain doors to new 6 panel doors)
- Countertops (It's inexpensive to use a formica simulated granite counter now...)
- Appliances (We always always always use new stainless steel appliances...)
- Ripping off wood paneling, and drywalling then retexturing
Things I think make the biggest change in value:
#1). Landscaping -- Many flippers overlook this, but in my opinion -- Nothing can improve the look and value of a house like quality landscaping. A little sod can go a long way! A few landscaping timbers will not break your budget and will really add to the yard... And you can buy mulch in bulk really cheap.
#2). Getting rid of popcorn ceilings and replacing with knockdown texture
#3). Putting on a new roof, if needed. It's not that expensive if you have the right contractor and priced it into your purchase price.
#4). Installing Ceramic tile in the kitchen and all the bathrooms. Don't be cheap with flooring!
#5). Using an upgraded carpet. Again, don't be cheap with the flooring and buy the crap landlord grade carpets. Pay a little extra for a cut berber or thicker carpet! Also, always pay for the extra thick pad to put under it.
Potential Money Pits?:
Well, you could say that anything is a potential money pit, but here are a few common ones that come to mind:
- Replacing or retexturing concrete driveways -- It just doesn't seem to be worth your while most of the time, and the customers don't really seem to care much about it.
- Finishing garages -- Sometimes it can look nice, but most buyers don't care much about the garage.
- Granite countertops -- Most neighborhoods are simply not granite countertop neighborhoods, so I'd stick with Formica.
- Cabinets -- If you replace cabinets, I'd try to find a full set for around $2k... Many people blow their budget by spending $5-6k on cabinets, and it's totally unnecesary.
- Staging -- Don't spend $5k to stage a house that you are only going to make $15-20k on when you sell it. Go to Kmart or Target and pick up a few simple pieces of furniture for under $500 bucks, and then plan on reusing them in your other flips in the future. Do not pay for furniture rental or staging services from an external vendor -- As you will get ripped off, big time.
Cheers,
- Hakrjak