Luxury homes are more than grand staircases and expensive additions. The good news is, luxury design items don’t have to cost more. Some of the items found in more expensive and new homes can be added to your flip without adding a ton to your budget! To add value and give a flip a luxe feel, I like to focus on layout and function, upgraded materials, and comfort.
Let’s get into my top tips and examples to reach a luxurious level without breaking the bank.
Layout and Function
We’ve discussed layout and function before. When you’re looking for a home, keeping layout and function in mind is crucial. With that said, many homes can be revamped from their existing blueprint to provide more function and value. By mindfully making changes to the home, you can give the feel of luxury at the same time.
One way I have used layout and function to improve the look and feel of a home is relocating the laundry room. Moving the laundry to the second floor where more bedrooms are located does a few things for buyers. It is a quick way to add functionality and convenience and is a space for extra storage. I like to include tile floors, counter space, and some open shelves. Ask yourself: How can I make the buyer’s life easier?
Similarly, a newly created mudroom can elevate from function to “wow” status with a few additions. An affordable option that is useable and exciting for buyers would be adding benches and extra cabinets. Storage is a universally appreciated aspect in homes, so wherever you can add it will automatically tick a box for buyers.
Finally, another awesome idea to upgrade your flip to “luxe” status is a basement bar. There’s almost always a wall in a newly finished lower level that’s just waiting to be useful. A bar is a great way to add in function and make the most of the lower level. Add in a few cabinets, a countertop, and a mini-fridge and you’ve created another gathering area in a space that would otherwise sit empty.
Instead of going through the motions with materials and choosing the basics you always do, consider unexpected materials throughout the home. Unexpected or upgraded items buyers aren’t necessarily used to will impress buyers and increase profit.
You’d probably expect I recommend hardwood floors. Hardwood gives a cleaner, cozier feel with the potential for the buyer to choose their own decor and bring the room where they imagine. While installing hardwood floors can be a pretty penny, adding it to staircase landings is an affordable way to elevate a staircase. I also recommend installing railings where wood would typically be. Instead of the wood railings, opt for metal railings.
Along with changes to your materials for a fresh, upgraded feel, give some more time to find lighting that catches the eye. Your lighting selections can make a difference in even the most basic of rooms! In the same vein, choosing upgraded hardware, tile, and other items can be a small price for a big improvement.
Comfort and Luxury
The above are “simple” additions and considerations that can provide a luxe feel to a home. Focusing on comfort and luxury directly include bringing in features you see in more expensive and newer homes that don’t have a high price tag.
For example, in the bathroom. When you think of a luxurious home, you probably think of large, upgraded, clean bathrooms with storage and natural light. Buyers will be excited about heated tile floors, a soaker tub, and a private toileting area, and it doesn’t break the bank. These details likely won’t add more than $1,500 or so to your budget. This small investment can bring big results in impressing buyers and standing out from other homes.
You can do a lot to stage homes to promote a sense of comfort and luxury as well. Here are a few ways to do that:
- Use flowers
- Long and high curtains
- Fresh lamp shades and pillow covers
- Interesting, expensive-looking artwork
When it comes to selling your flip in any market it helps to have a home that goes above and beyond. Luxury is sometimes associated with more money, but like we discussed, it doesn’t have to! Consider the layout and function, materials and fixtures, and where comfort and upgrades can make a difference.
Ready to take that next step when it comes to flipping?
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Jody Flippin says
The homes I am flipping are low income housing. Around 100,000. to 125,000. I try to find for sale by owners that cost me around 40 to 50 thousand. So heated floors, hardwood entry or staircase are not in my budget. Any tips upgrading homes on a low budget?
Threshold Homes says
For sure. On of my favorites was to spend an extra couple of hundred dollars and install a granite top vs. laminate. Today that could be a quartz instead. Since kitchen foot prints are typically smaller it’s not a big area it had a ton of impact. Plus, it’s often an unexpected touch that buyers appreciate. Same with backsplash. A nice subway tile from a big box store is very budget friendly. When accent walls were usually painted I’d add one of those since most of the trim and walls were already being freshened up. Today even just adding some board and batten or another wall detail with a few pieces of trim would be a definite way to create a standout home. I’m also a fan of great lighting which is now much more widely available in different finishes and at much better price points.