Flipping properties has become a popular and profitable practice for real estate investors in recent years. According to data from RealtyTrac, the total number of flips in 2022 is projected to be nearly 222,000, which would be a new all-time high.
Another reason for the resurgence in flipping is that there are now more opportunities to do so. The U.S. housing market has been on an upward trend since 2012 and is projected to continue growing for the foreseeable future. This has led to an increase in the number of properties sold, which provides more opportunities for investors to purchase homes, make upgrades, and then sell them for a profit.
These stats add to a very appealing investment opportunity for real estate investors. If you’re thinking about getting into flipping, here are a few tips to help you get started.
Curb Appeal Improvements
One of the most important things you can do to increase your home’s value is to ensure it has good curb appeal. This first impression can be the difference between a potential buyer driving by or stopping to take a closer look. There are several ways to improve curb appeal, but here are a few of the most effective:
- Pressure wash the house’s exterior and clean all the windows.
- Mow the lawn and trim the hedges.
- Plant flowers or other greenery around the front door and in planters along the walkway leading up to the house.
- Paint the front door and add new hardware, such as a knocker or address numbers.
- If the garage door is visible from the street, consider painting it and adding new hardware.
These are just a few ways to improve your home’s curb appeal. By making these upgrades, you’ll be more likely to attract potential buyers and receive offers closer to your asking price.
Once you’ve improved the exterior of your home, it’s time to turn your attention to the inside. The goal here is to make the interior feel welcoming and spacious. Here are a few ways to do that:
- Paint the walls in neutral colors.
- Replace any old or outdated light fixtures.
- Remove clutter from all surfaces, including countertops, tables, and floors.
- Pack up personal items, such as family photos and collections.
- Rent a storage unit for more oversized items you can’t remove from the home.
These upgrades will make your home more appealing to potential buyers and help it sell faster. In addition, decluttering and removing personal items will make it easier for buyers to imagine themselves living in the space.
Smart Home Improvements
Smart home technology is one of the hottest trends in real estate right now. Adding features like voice-activated assistants, programmable thermostats, and security systems can make your home more attractive to buyers and increase its value.
According to a recent study by Coldwell Banker, 45% of buyers are willing to pay more for a home with smart technology. And another study found that homes with smart technology sell 20% faster than homes without it.
If you’re considering adding any smart home features to your property, consult a real estate agent or another expert first. They can help you determine which upgrades will offer the most bang for your buck and make your home more appealing to potential buyers.
Home System Maintenance
Another way to increase your home’s value is to ensure all the systems are in good working order. This includes the HVAC system, plumbing, electrical, and any appliances on the property.
Buyers will be looking for a home that doesn’t need significant repairs or replacements, so it’s essential to address any issues before putting your house on the market. If you’re unsure how to do this, hire a professional inspector to look at your property. They’ll be able to identify any problems and recommend the necessary repairs.
HVAC repair services should be your top priority, as this system is essential to the comfort of your home. In addition, potential buyers will be looking for a home with a functional and efficient HVAC system.
Upgrades that Add Space
One of the most sought-after features in a home is extra space. If your property doesn’t have much square footage to work with, there are still several ways you can add more living space.
One option is to finish the basement or attic. This can be a great way to add a bedroom, bathroom, or even a home office. If you’re unsure how to do this yourself, hire a professional contractor specializing in basement or attic conversions.
Another way to add space is by expanding the kitchen or building an addition to the home. These upgrades can be costly, but they’re also some of the most impactful ways to increase your home’s value.
If you’re working with a limited budget, there are still several less expensive ways to add space to your home. One option is to convert unused rooms into more functional areas. For example, you could turn a new guest room into a home office or a playroom for the kids.
You could also build storage space in underutilized areas like the attic, basement, or garage. These simple upgrades allow you to add extra square footage to your home without spending much money.
Upgrading your home can be a great way to boost its value. However, it’s essential to carefully consider which upgrades will offer the most return on investment.
Some of the best home improvements include painting the walls, decluttering the space, and adding smart technology. These upgrades can make your home more appealing to buyers and help it sell faster.
By following these tips, you can make valuable upgrades to your home that will boost its value.