There is a word used a lot in real estate- ‘Flip’. To flip a house is not to dig it up from its foundation and flip the thing upside down. That would be a sight, no? The word simply means to refurbish and redesign your house to make it more attractive to potential buyers.
This is a trend that has been around for a few years and can sometimes pay off but for the most part, it is a waste of time and money. Just make sure that the essentials are present such as good plumbing, a sturdy roof, no termites or mold, etc.
What is the difference between an investor and an owner?
Some buy very old houses that are basically unwanted and make them attractive again.
Investors are money-oriented. Every decision they make should result in the most amount of profit for their properties. The chances are they won’t go the extra mile just to give a potential buyer a ‘free perk’ such as a hot tub in the backyard.
If you want a hot tub, buy it yourself!
While their ‘emotional’ counterparts are more likely to spend more money than necessary as the property is their home. Because of this, owners are likely to lose a lot of money when they sell.
Owners, on the other hand, often take a less strategic approach to remodeling when sprucing up their homes prior to putting them on the market. As a result, they can end up putting significantly more money into the project than they will get back out of it when they sell.
#1. The Basics
The basics are exactly what the word implies. There are certain things a buyer expects in a house before making the payment. These include a good roof, great plumbing, good ventilation, a working furnace, etc.
You get the picture!
While in the more ‘posh’ areas, the amenities include a functioning air conditioner, a well-built swimming pool, a clean hot tub, a pest-free garden, etc.
Putting in extra amenities will not ensure that your property sells at a higher price but will bring the standard of the property up to the ones in the same neighborhood.
#2. Feed the eyes
The eyes are not just the windows to the soul but they are the only sense most of us use most especially when shopping. So in order to make your property sell off faster, add some visually appealing amenities. These include a nice rose garden, new paint on the house, new appliances like blenders, microwave or even going all out and stock that kitchen as though the tenant was about to move in.
That is a lot of money but if you are selling to a person who spends most of their time in the kitchen then this will be a plus and this might even induce the person to pay above the asking price just to secure the property.
Imagine selling such a house to a chef!
#3. Add value to the property
A brand new kitchen, sliding windows or even putting a new deck will help the property to sell faster and you will get your money’s worth, literally.
In so doing, the asking price will go up so check the area to see if doing such extensive work will pay off. If it won’t, then don’t bother with it.
#4. Personal taste
Amenities such as a basketball court, art studio, a wine cellar or a coy pond may be to your liking but not to potential buyers so do not expect a buyer who is on the other side of the spectrum to spend extra for your hard work.