With the housing market doing well, especially in Boulder, flipping homes seems to be a successful way to make money. Flipping homes can be exciting, but also intimidating. We came up with a few tips to successfully flip a home and make a decent profit.
1. Know your budget. To begin the process, you should start by looking at properties with a real estate agent. Make sure to know your budget, be patient to find a good deal, and buy early.
2. Assess the neighborhood. Find out what the typical home is selling for, how fast, and if there’s a more popular style that’s selling quickly. Who is your buyer? Is the home near a good school? If so, this may lead you to design elements with the buyer in mind. If the home is near a school, your buyer is potentially a family, and incorporating a design element such as a Jack and Jill vanity may be desirable.
3. Focus on materials & style. Reference the neighborhood and local trends for design ideas. If the homes in your neighborhood all have hardwood floors, install hardwood floors to match. The style of the home should be timeless and simplistic.
4. Update the details. Small things often get overlooked in the design process, but are important for showing the home. Update switch plates. Upgrade the flooring. Modernize the light fixtures. Update the paint and finishes on the exterior. Updating these details will make the house more desirable.
5. Invest in the Kitchen. Wondering where you should invest the majority of your budget? The kitchen is most important. If you still have money in your budget, focus on the bathrooms next. These areas have the most payback of typically 90% or more. Don’t focus on the master bedroom as much, as that typically gets redone by the homeowners to reflect their personalities and aesthetic, and doesn’t have a substantial turnover.
6. Improve the landscape. When potential buyers come visit the house, having a maintained lawn and garden space adds to the attractiveness of the home and the interest of the buyers.
7. Live close to the residence. This way, you are able to oversee the project effectively. Being near the project and available also cuts down on time (and costs) when a contractor or engineer needs to address something with you.
At Fänas Architecture, we’d love to help you flip a home, whether designing the house or discussing further strategies with you. Contact us at 303.444.5380 or firstname.lastname@example.org for your home flip needs and advice.