Updated: Jul 7, 2021
Purchasing a rundown house is not as cheap as renovating, as designing and styling are concerned. In our previous blogs, we chewed over some tips to shake up house designs, and this week, we will be buckling down on saving while stretching out a profit --- without striking a balance between the home value and quality.
Would you agree that less is more? Realistically, in real estate, the less you personalize a space, the better. And the less complex the design is, the more you save. But don't get me wrong, flippers don't cut the budget to buy cheap materials; we, flippers, won't invest in low-cost and substandard materials, they are not worthwhile, and we might end up spending more... we at most maximize resources and stretch them out.
Would you be able to save money while flipping a property?
Is flipping a house expensive? How much will it cost you if you tear down a wall and replace it with a curtain wall or just a partition wall? How about if you make the room space bigger? What about installing a new lighting fixture? Replacing tiles? Changing paint colors?
Ultimately, house renovation will cost you a lot, from flooring to roofing, exterior to interior, especially for flip properties. Will you be able to save if the work requires you to spend more? Definitely! You can save without compromising the home value. I know you're tired of hearing this, but good planning really keeps everything in place, from expenses to gains.
How is saving money possible without compromising the home value?
Are you a fan of bargains? Have you tried hoarding materials at a lesser price value? On-sale items? Discounted price?
Prolly, the most cost-effective way homeowners would think concerning renovation is top-
drawer materials at a price drop. However, from the investors' perspective, what helps them save while flipping properties is not just merely about it. It is coming up with a quick-witted decision alongside the most cost-effective ways they have on their plate, weighing each down to the goal: to sell fast at a profit.
How could this be possible? Let's be specific. When buying materials, be intentional. Know where it is needed or if it is really essential. Why? Simple, you don't want to add up on expenses and end up spending more than what’s mapped out, right? Maximize resources, upcycle if possible (and if reasonable). To what extent is upcycling beneficial? Ideally, if there are still parts of the property that can still serve their purpose, reuse them. You don't necessarily need to scrap everything to the hilt.
How else can you save? Play it safe. You don't have to personalize or change everything. From upcycling to keeping your design less complex, this is fire; you'll save on materials, I bet you! Especially on flip properties, it would be safer if you'll move around designs that are not overrated. As designs and styles are concerned, work smart with a designer. You aim to sell fast so, don't go overboard. You design to the preferences of the buyers, not yours.
Will this apply to paint colors? Yes, you can save money too by choosing the right paint colors. Keep it simple. Play with colors in the shades of whites, earth tones, and neutrals. The rule of thumb when selling a home is to use at least one of these; typically, flippers opt for these hues of paint as it attracts more buyers making the house look move-in ready.
Meanwhile, you have your ways on how you can maximize all your resources in flipping houses. You can still spend a little more on mid-range appliances, glazing lighting fixtures, and some other home essentials that are worth splashing out. However, remember, you don't have to spend that much to make your property look expensive. It's always the quality over the price that matters.