House flipping isn’t just about selling! I know, it might sound crazy, but stay with me. When you buy a house to flip, you obviously want it to sell since that’s how you realize profit. BUT, if you approach the entire process only thinking about getting rid of the house, you’ll likely miss some steps and decisions that will affect the outcome.
So what is house flipping about if it’s not about selling? It’s about taking a house that isn’t appealing and making renovation and design decisions that fit a buyer’s needs. While you’ll likely never be able to create a house that appeals to everybody, the goal is to eliminate as many objections as possible and create a home that checks as many boxes as you can.
The trick to making a house that works for as many potential buyers as possible is to address the areas that can be changed as well as address the needs of those who are looking to buy.
Here are eight areas that are high on the list of wants for 2021 (and not going anywhere in 2022).
Updated Kitchen
The kitchen has been a key part of the home for years. While trends come and go, overall the goal is to create a functional kitchen that looks great.
When you update a kitchen, focus on creating a layout that affords more counter space and storage. Opt for materials that will look good and stand the test of time.
Upgrades are just as important as getting rid of the objections buyers might have. Consider both when choosing the upgrades and design.
Some kitchen upgrades buyers love include:
- Open concept
- Peninsula or island
- Appliance (quality and proper placement)
Renovated Baths
Bathroom count and renovations are huge for buyers. They might be space spaces, but they have a big impact.
Bathroom upgrade opportunities include:
- Tile
- Tub
- Vanity
- Creating a bathroom that didn’t exist!
Open Floor Plan
Creating connections with all living areas remains a top request for buyers. When working with existing spaces, it may not structurally be possible to have a single open space. That’s where making the most of the layout requires thought and intention.
To create an open floor plan, you will need to knock down some walls and redesign the layout. Instead of creating the open floor plan, you can make the existing floor plan work by making intentional changes.
Some ways to adapt and upgrade the floor plan that isn’t open include:
- Bringing in the light
- Design to keep a cohesive flow in color and vibe
Low-Maintenance Features
Upgrades matter inside and out, and low-maintenance features are huge for buyers.
Indoor low-maintenance features include:
- Flooring materials
- Wood floor
- Engineered floor
- Tile floor
- Countertop materials
- Quartz
- Laminate
- Stainless Steel
Exterior low-maintenance features include:
- Metal wrapped trim
- Maintenance-free siding
- Brick
- Fiber-Cement
- Stone
- Traditional stucco
- Wood
- Engineered siding
- Roofing
- Architectural shingles (30+ year warranty)
- Metal
- Fiberglass windows
- Irrigation system
Energy
In my opinion, there’s no need to spend too much on these features, but keep in mind most homes have outdated or non-functional features here.
It’s a great detail to include, and can make a big impact when it’s time to sell. Some upgrades to consider include:
- Windows
- Insulation
- Appliances
- Heating and cooling systems
These additions are attractive to buyers, as they improve efficiency and save a lot of money and maintenance in the future.
Wireless Connectivity
Post-pandemic, wireless connectivity in the home has become a priority for buyers. Access to multiple devices and supporting several people at once is a new functionality that is here to stay.
Consider the benefits of a quality wireless connection, and the ability to balance homework, entertainment, and the new and growing work from home life!
While supporting the home for the best wireless connection, you may also work in some smart-home upgrades including multi-room audio, heating controls, security, and more.
Laundry Spaces
Laundry spaces on the first or second floor are highly regarded by buyers. Dedicated rooms where washer and dryer hookups exist are a must on a renovation list.
Depending on the resale price, consider including these upgrades:
- Shelving or cabinetry
- Farmhouse sink
- Paint or wallpaper
Outdoor Living
Outdoor living is a bonus area to wow buyers and shows the potential for enjoying the space. At the very least, it’s critical to show the access to space outdoors.
Some additional upgrades that are worth the investment include:
- Patio
- Deck
- Firepit
- Outdoor kitchen
- Garage door
- Front door
Additional outdoor upgrades to elevate the outdoor environment include gardens, trees, or a refreshed landscape.
Storage
Homeowners are looking for storage! From the front closet to mudrooms, broom closets, pantry, and linen closets, they make a big impression on buyers.
When you are flipping a home, you can add in storage and optimize existing storage options. Here are a few ways to increase storage in a home:
- Add shelves
- Reimagine small empty spaces
- Add hooks
- Include storage in kitchen island
- Ceiling-high cabinets
- Under the sink storage in the bathroom
- Add or broaden closets
- Mudroom bench
Buyers can add in their own storage options with furniture but adding in storage where possible will wow buyers when viewing the home.
Flipping is About More Than Profit
As you can see, there are a lot of things to focus on during your flip. While profit is the goal for any business, there are a lot of decisions up to the sale that directly impact your profit. When it comes to flipping, prioritize what features can be added in the best way to create a home that stands out and attracts serious buyers.
Ready to take that next step when it comes to flipping?
Perfect! 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?
Get my checklist that will help you — 8 Things I look for When Purchasing a Home. Just click here to download it.
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Follow us on IG @thresholdhomesmn and FB @thresholdhomesmn to see the projects we’re working on. And for more ideas on renovating & restoring fixer-uppers!
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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