Generally speaking, flipping a house isn’t as easy as buying a property, cleaning up the inside, and giving the exterior a new coat of paint. A lot of rehabbing and maintenance goes into most flips, and if you don’t know what you’re investing in, renovating a house can become expensive.
Fortunately, not all rehabbing efforts are as expensive as repairing the roof or the foundation. Sometimes, all you need is an extra touch that really sweetens the deal.
Here are 6 low-cost features you should consider incorporating into your property when planning your next flip:
1. Energy saving devices
More and more people are pushing to go green, or at the very least, cut back on energy consumption. Little things like energy saving bulbs and energy-efficient windows can really help boost your property’s appeal, while larger investments like solar panels and energy-saving HVAC units will help the property sell or rent itself.
2. Neutral décor
Ultimately, the homeowner chooses the way that they want to decorate a house. Save yourself some time and money, all while simultaneously boosting your property’s appeal, by decorating the interior in a neutral color palette.
It’s safe to say that the average homebuyer expects access to the internet and basic technology in their new home. If your property isn’t optimized for WiFi or is in a neighborhood plagued by slow internet speeds, you can forget selling to Millennials, who represent the largest percentage of the homebuyers according to a recent report by the National Association of Realtors.
Additionally, the concept of smart homes is becoming increasingly popular, and one of the hottest items on the market that appeal to new homebuyers is smart lighting. These light fixtures and bulbs connect to Bluetooth-compatible devices and can be remotely controlled throughout the day. They are also perfect for creating relaxing atmospheres and optimizing sleeping patterns.
4. A laundry room
Across all generations, most people want an out-of-the-way space to wash and dry their clothes. How much this expenditure costs depends on how you approach the project. Compact laundry closets are a cheap and effective way to give homeowners what they want without investing $10,000 on renovations. If the property has a basement, placing the laundry room downstairs is probably the best bet, as most houses have utility lines that run down to established basements.
5. Ample exterior lighting
The exterior of the house can make or break your chances of selling the property, and a well-lit exterior can do wonders for your curb appeal. Most homeowners prefer a house with ample exterior lights, including walkway lights and spotlights. Combine that with a well-manicured lawn and you have a recipe for success.
6. Hardwood flooring
For many homebuyers, carpet is a thing of the past. Hardwood floors look nicer, they’re more durable and don’t absorb dust and dirt like carpet does. There are also a number of reasonable options, like prefinished flooring, to satisfy the homebuyers’ needs without breaking your budget.
Know Your Market
As demographics shift and technology advances, the must-have features change as well. The key to successfully flipping is to know what your target market wants. By including these features, you’ll be able to make your property more marketable without running the risk of going over budget.