There are long lists of things that you can check out when looking for that perfect fixer upper. BUT…before you get into the specifics (that is a future post) you need to make a quick, overall assessment to decide if it’s worth submitting an offer. That is where these 8 areas can help direct you when it comes to knowing if a house has “fixer potential.”
How’s the location?
- Is it the worst (or one of the worst) houses in a good neighborhood? There are neighborhoods where people want to live. You may have even been scouting some of these very locations for weeks or months. What you are immediately looking for in the house you’re interested is lack of a wow factor. Think of overgrown and worn. From the siding to the windows, roof and walkways.
How’s the kitchen?
- How “original” is the kitchen? When you think of a kitchen that hasn’t been updated you likely think about the avocado green appliances and cabinets that may or may not have all their doors and original hardware. That could be true but even if its not, if the kitchen renovation is not quality or what someone would expect in this neighborhood, its time to start fresh. Even if the materials are so-so in this space if a new layout can be created where spaces are opened and improvements can be made in the efficiency, then there is prime opportunity.
Are the bathroom spaces sufficient?
- What is the count (bathrooms, that is)? For most buyers more than one bathroom is at the top of the list. Any space or availability within a home to add a second or maybe even a third adds significant value and marketability. Think of ways to maybe place a bath as an ensuite to a bedroom. Or adding one in a lower level that was previously unfinished. And if there are any existing baths, check to see if they are due for some “new finishes.” This can offer a big impact and provide the perfect feature for updated finishes and functionality.
What’s the lighting situation?
- Let there be light – Dark spaces can be caused by a number of things. Exterior awnings, heavy window coverings, dark paint or wallcovering, lack of lighting in the room are all easy fixes. Creating light and bright spaces through introducing recessed lights and paint can make a significant improvement easily.
Is there “more” to add?
- Is there space that’s unfinished? – when adding value to a home the square footage that is able to be “lived in” is directly attached to the pricing and value of the home. The . ability to find homes with lower level or upper level spaces that can be finished is the potential jackpot. Other spaces to consider include porches. If they are large enough and be heated, they can add usable square footage to the calculation and be used as additional seating area or work space.
Ready to take that next step when it comes to flipping?
That’s why I’ve got additional resources to help you get the information you need to move forward on creating your flipping life.
Make sure you have the Fixer Upper Checklist so you know which areas are key to added value in a home.
There are several videos available on finding houses, renovations, and funding on the Threshold Homes YouTube Channel. Check out your favorite flipping topics and new videos weekly.
You can’t close a successful and profitable flip unless you start. What is your biggest challenge is with getting started house flipping? Let me know. It may be an area I’ve also had questions about myself. I’m here to help so drop me a DM.
Want to buy a property and renovate it?
I have a freebie checklist that will help you — 8 Things I look for When Purchasing a Home. Just click here to download it.
Love before and afters?
Looking to buy a house to renovate? Check out the fixer upper checklist to help you find the house with the most “flip” potential.
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