The real estate market seems to be humming again and many people are looking at home improvement and flipping houses as a way of generating some serious cash again. Read on for tips on how to flip houses to improve your cash flow AND your quality of life.
- Kitchen Improvement
The kitchen is the life center of the house so naturally it deserves some significant attention.
If you have bought an old home and you’ve decided to improve the kitchen, then the improvements should match the existing style. If the house is ranch style, you might think about a country kitchen instead of ultra modern which might look a bit off. Start off by checking out kitchen improvement magazines. Look for ways to do a remodel without spending too much cash if possible. Can you paint the cabinets instead of changing them out? Are new counter tops perhaps all you need to brighten up that kitchen? You would be surprised at just how much some updated lighting, new cabinet doors and hardware and a new floor can do to update a kitchen on a budget.
Keep in mind that painting might be all you need to do. Most kitchen remodels can cost from $2,500 to $50,000, sometimes even more. However, you can change the style of your kitchen completely by changing the paint color. Choose a modern color and repaint the room before deciding whether you need to make any other changes.
Low-VOC paint is eco-friendly and it doesn’t contain any dangerous chemicals that other paints do.
Replace the old appliances with Energy Star-rated ones in order to save money and protect the environment.
2. Bathroom Improvement
Updating the bathrooms and even adding additional bathrooms (if you have the space and budget) can dramatically increase the value of a home. Again, new lighting, tile, cabinetry and flooring can do wonders on improving the value of a home and making someone really want to live there.
3. New Windows
New windows are not inexpensive but you can save approximately $500 a year in heating and cooling costs by replacing old windows with energy-efficient styles. Make sure you potential purchasers know the windows are new and energy efficient and will save them money year after year. Doing this will certainly add value to your property. And if you are going to be living in the house instead of selling it, know that you will eventually recoup up to 70% of your investment just by your energy savings over time.
4. Build a Deck
Did you know that one simple deck addition can increase the value of your home significantly? People love them and they make a house twice as attractive to buyers than houses that have no outdoor seating area. The cost can vary from anywhere between $1,200 and $10,000, but it all depends on how large the deck in and the type of material you use.
- Regular Maintenance
Make sure that you maintain the house by keeping paint from peeling, cleaning out gutters, eliminating dirt and mold from unwanted areas and so on. You should also replace any rotten wood and clean the ventilation ducks regularly. Potential buyers will love a home that is well maintained and pay attention to the smallest details, so it’s important you present them with a clean and well maintained home.
So if you are thinking about creating equity in a house you own or one you plan to buy and flip, follow the steps above to prepare the home to sell. As you can see, you can easily and inexpensively remodel a home, while increasing its value at the same time. If you need advice or the services of seasoned home improvement experts, visit choosechi.com