Any experienced real estate investor will tell a budding one that half the challenge of investing in fix-and-flip properties is selecting the right location, and that requires foresight into up-and-coming markets. The other half is setting—and sticking with—a feasible budget. For the latter half, it’s partly about hiring the right contractors and professionals (and trusting the work to them), but it’s also about making the smart calls for what renovations should be made vs. which ones can wait. Affordable or strategic upgrades are critical to successfully selling (or renting) out a property and making any of these selections is sure to not only sell your property but increase its overall value.
Convert one room into a home office
As technology has evolved, so have some industries and job roles over the years. The COVID-19 pandemic sped up the remote work movement even more so. So much so that remote work has risen by 159% since 2009. In 2022, 16% of companies in the world are now 100% remote with 77% of remote workers saying they’re more productive when working from home.
Creating a new space dedicated to working from home is likely to be a sound investment, particularly if the property is in a market with many telecommuters. Some ideas to making the space conducive to work is by adding shelving or faux built-in bookshelves. Consider also adding an accessory dwelling unit, or ADU, as a higher-end office space.
Enhance the property’s curb appeal
First impressions are everything and that includes properties. Investors want to entice buyers before they even enter the house, and nothing does that quicker than developing some easy yet attractive landscaping. Buyers are more likely to pay more for a house that has great curb appeal than one that feels bare-bones on the outside.
Quick ways to enhance a property’s outdoor look is by fertilizing the lawn, controlling weeds, and planting a few flowers in strategic places. Consider also a fresh paint of coat on things like the shutters, the front door, or garage doors.
Add a parking spot
If the property is located in a more crowded location where street parking is at a premium, look into the possibility of adding a parking pad—an upgrade that will definitely be noticed by prospective buyers. Though prices can vary, they can often range between $3,600 and $7,200.
Focus on the little details
Faucets, doorknobs, cabinet finishes, and wall colors can all feel like subjective details that may be unimportant, but the opposite is actually true. Choosing elements that feel up to date without going over the top with personal style preference is the easiest way to upgrade a property feel in a way that can straddle the fence between affordability, quality, and modernity.
When choosing color palettes, opt for neutrals and light colors that can be easily coordinated with other elements throughout the house(and can make smaller spaces seem larger). For fixtures, avoid the overly ornate or any style that may date a room or not be easily palatable by prospective buyers.
If you are ready to explore your investment loan options for an upcoming project, contact Temple View today.