Since the goal of flipping houses is to sell your real estate investment for more than it costs to rehabilitate it, many people try to minimize expenses as much as possible. However, sometimes it’s better to spend the money in order to raise your house’s property value as high as it can go. Here are four projects that are worth dishing out the dollars for:
1) Excellent Lighting. Good lighting does more for a house’s property value than anything else. Artful lighting can give a house the personality and coziness it needs to convince a potential buyer to take the plunge. Don’t skimp out by filling your house with discount lamps, and never leave a bulb exposed.
2) A Tasteful Floor. If you’re going to be installing a floor, you should make sure it’s an appealing one. Cheap imitation wood or unattractive carpeting only makes the buyer think of how much they’ll have to spend to replace it, so do them the favor by installing a nice floor from the start. Raise your asking price appropriately.
3) Secure Plumbing. Although potential buyers can’t tear down the walls and inspect your real estate investment’s plumbing, they’ll definitely notice if and when a shoddy pipe bursts – and you’ll be the one held liable for the damage. Cover your bases by having your plumbing inspected and repaired now to save yourself thousands in the future.
4) Upgraded Appliances. You don’t have to buy the most expensive sink, washer or refrigerator in the store to make your house look like a million bucks. If you spend a little extra to stock your real estate investment with appliances that look expensive, you can raise your asking price by thousands.
Flipping houses isn’t cheap, but these projects are worth the money. If you’re willing to spend a little more than you normally would when rehabbing properties, you’ll see a huge return on your investments when it comes time to close the sale.
