“Flip it or fix it”
Flip it or fix it is a popular term used in the real estate industry for renovation based on the criteria for selling and buying. The idea behind flip it or fix it is to remodel an area that will boost the value of the property. With this in mind, many homeowners prefer remodeling their homes before setting them up for sale. If you are also planning to renovate your house before putting it up for sale, you can follow the ideas below.
Table of Contents
1. Basic Home Renovation
The basic home renovation that a buyer expects when he/she comes to visit the house includes working gutters and downspouts, walls in good shape, a solid floor, a dry basement, a roof that doesn’t leak, and a nice furnace.
Few other amenities that a seller can provide to the buyers are air conditioning, a certain number of bathrooms, at least 4 bedrooms, and two verandas as they are compulsory for a seller to provide to the prospective buyers. Adding the above factors does not actually add value to your house, it just gets you at par with the neighbors. The money spent on these services will be recovered, but it is important to ensure that your house sells for a price that is comparable to others.
2. Add Value by Remodeling
Projects that add value to your house are the most important part of remodeling. Projects that offer the most bangs for your buck are kitchen renovation, siding, new windows, bathroom remodeling, the addition of living space, etc. Please remember kitchen and decks are the most profit-giving renovations for a seller. While most of these efforts may not provide you the best amount expected, some will come close.
3. Personal Choice
Some sellers renovate the house, add value according to their preferences. However, we should not forget that the people looking for a house might not be interested in paying for those value-added services. Your personal preferences may include a swimming pool, basement game room, wine cellars, hot tub, ponds, etc. Therefore we should consider pricing the house according to the neighbors and not on the level of construction. You can get the renovation done according to your preferences only if you have stayed in there for a longer duration of time.
4. Curb Appeal
The addition of curb appeal allows you to attract prospective buyers. They might not add monetary value to the house, but definitely help you to sell the house faster than others. Curb items include green lawns, fresh paint inside out, curb renovation, enticing landscaping, and new carpets and flooring.
If you know that prospective buyer is going to arrive, give them a warm welcome, create a good inviting atmosphere. It is important to attract buyers through these techniques. If you are planning to sell the house, you might not want to add value or get the house furnished as the buyers must have planned something for their new house. In addition, if you are planning to stay in that house for many years to come, add more amenities regardless of the resale value. Later on, if you plan to sell the house, get the basics done to get the property at par for the neighbors.
To renovate a property you can always contact builders in the United States. It is important to choose the right builder and interior designer for your house. Make them understand your outlook and what you are expecting from a builder.
