Really, what is Fixing and Flipping? Well, if we believed the TV shows – it should be easy to fix and flip a property with just a little unexpected drama. Fix and Flip, in my opinion and experience, has the biggest upside potential for an investor who wants sizable profits in the short term. With large profit potential comes risk, and the need for a strategic plan. It is also important to have insight into current trends and the hot things homeowners are looking for.
What Renovations are hot in 2017?
- Smart Technology is huge for 2017, and with the availability of wireless technology installation is much easier and cheaper. ROI is a bit hard to determine but should definitely increase the value of your fix and flip.
- Appliances are moving to “Matte” finishes instead of the shiny stainless look.
- Brass is making a comeback (as hard as it is for me to believe). It’s not shiny brass of the 1970’s; it’s a satin finish.
- Using furniture pieces as vanities for bathrooms. This gives a very custom look inexpensively.
- Big colors this year: Green (in many different shades) and taupe is the new neutral.
- Creating an inviting entry way in any home is a big must have this year.
Inexpensive Home Improvements to Increase Home Value
For a small investment and a little time, these updates can add value and appeal to your fix & flip.
- Paint the front door a contracting color and add new hardware. This can make the front of a home pop.
- Clean cabinets, replace all hardware and hinges. This might be time consuming but it can make a big difference.
- Touch up bathrooms by: resurfacing the tub, changing hardware and adding a framed mirror over the vanity.
- Mulch the lawn. If a lawn is patchy but worth saving get some organic mulch and use grass clippings to improve the appearance and health of the lawn.
- Renew grout – Re-grouting can be very time consuming and expensive. There are some great products at your local home improvement store, that with very little effort make old stained grout look new.
Green Home Improvement Projects
Although not necessary for most fix & flips (because the return on the investment is usually years down the road) there can be some value added for buyers.
- Solar Shutters – while blocking the sun they gather energy. They can produce about 500 watts of power per hour. This is equal to the power a computer needs to run all day.
- Solar Water Heater – There are several elements needed to correctly utilize a solar water heater: a small number of solar panels, solar water heater system and a back-up heater system.
- 50-year roof – by using recycled rubber tires and other composite materials companies are making roofing that lasts for 50 years and has the appearance of shake or slate tiles.
- Car-Charging unit – as more and more vehicles are becoming electric this can be a huge value add for some households.
- Low water landscaping – creating attractive curb appeal with drought resistant plans and hardscape is green and cost efficient.
Diana Hill – firstname.lastname@example.org