If you are considering or have recently purchased a home to flip, deciding what to renovate can be a struggle. Not only do home renovations provide more benefits to the home itself, but they can also tremendously increase the resale value. To help guide you through the project, we’ve put together this ultimate guide to renovating the perfect fix-and-flip home!
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Importance of Home Renovations
1. Improves Functionality
Improving the functionality of your fix and flip property involves more than just aesthetic updates; a crucial aspect is enhancing its energy efficiency. Incorporating energy-efficient updates can dramatically reduce utility costs for future homeowners, adding significant appeal in the market.
Start with upgrading insulation in the walls, attic, or even basement to better regulate interior temperatures and reduce HVAC usage. You can also opt for energy-efficient appliances in the kitchen and laundry areas, which not only look modern but also consume less power. Make sure you don't overlook smaller details like LED lighting and energy-saving smart thermostats, which can both significantly lower electricity consumption.
In addition to reducing energy costs, consider how redesigning a space may also improve home functionality. For example, installing a walk-in closet or modifying the kitchen layout can make organizing and accessing your belongings more accessible.
2. Enhances Aesthetics
Any property’s first impression comes from its exterior, so an aged roof or outdated siding can quickly diminish the charm and appeal of your fix-and-flip property. While these might seem like small details, they profoundly impact the overall aesthetic appeal of the house. Simply investing in these worn-out elements can improve the structural integrity of the home and capture a potential buyer’s attention. Old, worn-out windows can also make a property feel outdated so don’t forget to update those too.
Moving on to the interior, worn-out flooring can make a space feel drab and dated. Replacing it with new, modern flooring can dramatically transform the feel of a home. Opt for materials like hardwood, laminate, or luxury vinyl, which are popular for their durability and aesthetic appeal. Additionally, you may want to consider heated flooring for bathrooms, a touch of luxury that can sway buyers who appreciate comfort and style.
Wall treatments should not be neglected either. A fresh coat of paint, modern wallpaper, or a tastefully exposed brick wall can revive a tired-looking interior. Go for neutral colors for a broad appeal, but don't shy away from introducing a feature wall to add a splash of personality and intrigue.
Finally, always remember that the charm of a house lies in its unique features. If the property has authentic elements like original hardwood floors, ornate moldings, or a vintage fireplace, consider restoring rather than replacing them. These features can give your property a unique character, setting it apart in a crowded real estate market.
3. Increases Safety And Security
Home renovations are not only crucial for improving the aesthetics of your property, but they can also enhance its safety, security, and peace of mind. Consider integrating advanced safety features, such as automatic lighting systems and motion-detection security cameras, around your property's perimeter. Upgrading the locks on your doors or adding additional door sensors can also help reduce the risk of home break-ins.
4. Adds Property Value
The ultimate goal with a fix-and-flip property is to sell it for more than you paid for it and renovations are an extremely easy way to ensure the value of the property increases. By improving the functionality of the home, making it more energy-efficient, and increasing safety and security, you can be sure that the home will be worth more. These renovations will also attract more buyers and increase the chances of your property being sold quickly and at a higher price.
Get Started With SkyBeam Capital
At SkyBeam Capital, we understand the importance of investing in real estate and provide our clients with the knowledge and resources they need to make informed decisions. Our team of experienced professionals can help you find the right opportunity and guide you through the entire process. So, if you're ready to take the plunge and get into real estate investing, let us help you make it a reality. Contact us today to get started.
