Looking for that perfect investment property to flip? These tips can help you determine if you have found the right one.
Is the home in a good neighborhood?
Location cannot be changed so this will affect pricing when it comes time to sell. If you decide to compromise on location, make sure to calculate those factors in when figuring resale value.
Does it lack curb appeal?
Curb appeal is something that’s easy to add and can have a big impact with a smaller price tag! Consider painting the front door, adding new hardware, changing exterior light fixtures, and updating the address numbers. Trim over grown bushes, trees, pull weeds, and add fresh mulch & some potted plants if the weather permits!
Is the kitchen outdated?
A newly renovated kitchen to a buyer can mean the highest returns on investment for the fixer upper!
Are bathrooms outdated?
Is there only 1 bathroom? If you find a house with the potential to add another bathroom & renovate what’s existing then that’s a great find!
Is there space that can be finished to add square footage?
Finishing rooms & spaces being unused can increase living space & maximize a home’s potential. To really wow buyers, add something unique in the space like a wet bar or media center!
Is the structure of the home sound?
Straight walls and floors are a sign of GOOD BONES. If there is something odd or significant you notice right away, then odds are buyers will notice too when it comes time to sell!
Is the house dark?
Lighter paint, new curtains, & other cosmetic additions can easily lighten up a space!
Does it have a certain smell?
Carpet that has been in a home for many years can trap smells, especially if previous owners had pets or smoked in the home! This can easily be remedied by replacing carpet with hardwood floors or something similar. For the walls & ceilings, Kilz paint can help take away any smells!
If you’ve been considering purchasing a property to flip, please reach out to our team of experts. We can help you find the right property to add to your portfolio!
The Tina Team, 913.708.8074 – Call us today!
***This list was written by Amber Miller of Threshold Homes. She is also a Realtor in Minneapolis. Follow her renovation projects on Instagram at @thresholdhomesmn. For more information on Amber visit her site here.