The latest flip included a first in the 13 years I have been working on houses. This project was the first time we included building an addition. And while it was a small addition, there were some lessons to be learned about the process and the cost.
This house was purchased in September of 2020 and although the process for permits immediately, there was a series of events that delayed the start for nearly 6 weeks. Fortunately, weather was on our side and we were still able to accomplish the construction and repairs that were necessary on the exterior. A good plan allowed us to make up for lost time.
Let’s start with the good things this particular house had going for it:
- Location
- Square Footage
- Layout
- Existing Master Suite
- Mostly Unfinished Basement
Anytime we’re extensively renovating to update the floorplan and modernize spaces we are also assessing the life of the more expensive, and important areas that a buyer would expect to be in reasonable condition. These fall into my big ticket item category and one that you must consider when looking for a fixer upper. They are roof, windows, siding and mechanicals. In the case of this house, the roof was at the end of its life so it needed to be replaced. The windows were original (1960 build) and therefore, needed to be replaced as well. The furnace and A/C unit were more than 30 years old, so again, time for an update.
Fortunately the siding was metal and in good condition so it was able to be painted to match the new siding that was installed on the addition.
Planning the Layout
The kitchen was walled off from the living room and was adjacent to the dining room with an existing 30 inch doorway. As you entered the house, there was also a partial wall with a closet that divided the living room from the hallway.
The single level of this house allowed for the main living, kitchen and dining areas to all be opened up. The positioning of the kitchen was the former dining room and the dining room was relocated to the opposite wall. In the living room the original fireplace was converted to gas.
The original house had a single car garage that had no access to it from the interior of the house. To remedy this, the garage was extended depth wise to create a two car tandem garage. An addition extended the back of the house from the kitchen and connected to the extended garage allowing for a new mudroom.
Beds + Baths
One of the unique features of this house was the existing 4 bedrooms on a single level. That is nearly unheard of in this area and of a house this size. While we didn’t need to eliminate a bedroom altogether, we did expand the master bath by “borrowing” some space from the adjacent bedroom. We left the remaining space as a main floor office. Something that is in high demand right now.
The other bedrooms on the main floor were unchanged but the main bath did receive a reconfiguration as well. Updating the layout included moving the tub and adding hall closet storage. When you’re reconfiguring spaces make sure to allot for storage.
Lower Level Plan
While the lower level wasn’t a completely blank slate (there was a family room and a small bath) there was plenty of potential to increase the usable space. Not only does the lower level include an entirely overhauled family room and bar area, there’s now a bedroom, bath and finished laundry area.
All the renovations that were part of this project were done to add the most value to the home and maximize the potential of the home.
Here’s the overall details:
+ Original features of the home were 4 bedrooms and 2 baths
+ New features of the home was 5 bedrooms and 3 baths
The key to any successful renovation is making choices that increase the value of the home. By following a proven formula for purchase price and a budget for improvements that increase the value and a target resale price, you’ll have the plan for a successful flip.
I’m Ready to Flip, What’s Next?
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 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?
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Love before and afters?
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Looking to buy a house to renovate? Check out the fixer upper checklist to help you find the house with the most “flip” potential. For more inspiration follow me on Pinterest @thresholdhomesmn
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