So you’ve finally decided to dabble in house flipping. While investing in a fixer-upper and selling it after renovations is a great way to make big money, it can be somewhat of a risk if you’re not sure how to bring the most value to the home. Hence, if you’re a novice house flipper, take a look at these home upgrades that can bring you the most ROI upon resale.
An insulated roof provides many benefits, specifically better heat retention, energy savings, heat prevention, and extra protection. While it may be a significant investment on your part, this upgrade can make the house more valuable and appealing, especially for homebuyers who are looking for a more energy-efficient home.
Patio or deck
Building a patio or deck in the backyard is the best way to add outdoor living space to a property. A patio or deck is also often used as a selling point in a listing since most people prefer homes with outdoor spaces that they can use for recreational activities.
Garage door update
The garage door is one of the first things people see when they pull up to a house. So if you’re flipping a house with an outdated or run-down garage door, replacing it is definitely a worthwhile investment.
Replacing all the lights in the house with LED bulbs is an easy and relatively inexpensive upgrade that you can make during a flip. Since most people nowadays want to save money and reduce their carbon footprint, you can highlight this feature as one of the ways that the house is energy-efficient.
Gazebo or pergola
If the backyard is big enough, adding a gazebo or pergola is a nice aesthetic boost to the space. It will also make the yard more appealing to families who want to maximize their outdoor space, especially if you stage the gazebo perfectly. More importantly, a gazebo or pergola is one of the best additions you can make to a house in terms of ROI.
Repainting the interior and exterior of the home is one of the cheapest and least invasive upgrades you can make during a house flip. You can do this yourself if you’re more of a hands-on flipper, which will also help you keep labor costs low. Just make sure to choose the right color palette–neutral is the best way to go to appeal to the general pool of home buyers.
People value their privacy and security, and if the property you’re flipping doesn’t have a fence, installing one should be one of your first priorities. Otherwise, having no fence might be a deal-breaker for most.
If the property has a fence that is run-down or not adequate to maintain privacy and security, make necessary upgrades like repainting, refinishing, or repairing holes and gaps. But if the fence is in too poor condition to be renovated, you might be better off investing in a replacement.
A lot of home buyers will appreciate a house that already has strong security features so that they don’t have to go through the trouble of installing them. While you’re flipping the house, install security cameras, strong locks, reinforced strike plates, burglar alarms, and other security features that will give the new homeowners peace of mind. These upgrades are not majorly expensive and are very easy to make.
If the property does not have a garage, or if you’re aiming to target larger families, consider building a carport on the property. Carports are relatively inexpensive, easy to install, and are quite popular in areas where parking the car outside can be detrimental to the vehicle.
Building an outdoor kitchen is a major home upgrade and requires a significant amount of money, but these are the same reasons that let it provide a good ROI. A basic outdoor kitchen with a grill, counter space, a sink, and drawers is already enough to appeal to most home buyers. Apart from extending living space, it’s a great place for entertaining guests.
If you’re flipping a house with hardwood floors, simply refinishing them can give a significant boost to your property’s value. And since a lot of people fall in love with beautiful hardwood floors, rehabilitating them can make it easier for you to resell the property. Plus, they look amazing in pictures, which will make your listing stand out even more.
When flipping a house, it’s crucial not to over-renovate. That said, you have to be careful when choosing the upgrades you want to make, so before you start drawing up your plans, expand your list of possible upgrades to help you make the best decision later.