Real estate investors need to be guided that flipping homes is not solely about buying low priced homes and reselling them at a higher value. One basic and important consideration they have to understand is that if they renovate a little the house they purchased, they are more likely to get a considerable profit. Renovating a home is one sure way to attract more buyers the reason why flippers need to plan and budget it well. As in any serious project, careful planning can reap great benefits.
Home flipping experts agree that for beginners thinking about getting into this real estate investment strategy, advanced planning should be done even before you look for homes to buy. Outline the entire process including your budget before you begin any work. As for the renovation works, if you are doing it yourself, properly schedule everything that needs to be done and don’t delay if possible. Should you opt to get a contractor, be sure you have a few bids and choose one that can guarantee their work and end date. You can get recommendations from good friends if you wish. Be able to agree on a target finishing date for your project and if possible, it should be written in the contract that you will have with the builder.
Kitchen and bathroom
The kitchen and bathroom are two most important parts of the house that buyers take into great consideration. These areas can also involve huge costs especially when replacing fixtures. However, not all bad fixtures should be replaced.
You may have to add new faucets and install
a new toilet. Some bathrooms might just need some thorough cleaning to achieve its almost original look.
A home flippers kit should always contain the essential cleaning agents -- baking soda and bleach. Baking soda is best because of its low abrasive content, it is biodegradable and it can even serve as a deodorizer. It can clean well stainless steel sinks and porcelain. Bleach, on the other hand, has always been popular for taking off stains and for sanitizing purposes. Just be careful not to spill or drip it on non-colorfast surfaces as bleach can remove color. There’s also a handheld steam cleaner that can clean corners, tile, grout, toilets, sinks and anything that won’t melt. It is also a disinfectant as it loosens dirt so you just need to wipe to clean.
For the bathtubs made from porcelain or cast iron with porcelain finishes, you will need more than just cleaning. It can’t be avoided that through the years, porcelains will get chinks or may already be worn or the black part of the cast iron may be showing. For these problems, check out your Home Depot Supply or Surface Repair and look for the nick fix porcelain-enamel-acrylic touch-up. For the cast iron tubs, you can use the SureStep non-slip coating that makes a nice finish.
Cabinets
For the cabinets in the kitchen and bathroom, no need to replace all of them.
You can learn how to
paint kitchen cabinets. Just take off the doors and hardware and clean them. Then sand the doors and cabinet frames, coat them with primer and then semi gloss paint. White kitchens are in fashion but you can choose other hues. Replace the old hinges and handles with the latest types and voila, you have made a clean look. You have saved thousands of dollars, too.
Cabinets apart from closets, carpets and other areas should also be odor free so get a product that will eliminate any bad odor. Try OdoBan which comes in a gallon jug and which you can get from your Home Depot Supply.
Cracks, gaps and holes
Invest in a painter’s caulk and a caulking gun. This product can fill small cracks at wall corners or at areas where the ceiling and wall meet. Just be sure to smooth the surface using a soft wet cloth. Once painted over, the caulk repair will no longer be visible and gives a great finished look.
For holes in the walls, put caulking tape and caulk over the hole. Be sure to “feather” the edges to avoid a bump. A wall protector circle can also be used. It’s easy to use as you only stick it to the wall to cover the hole and can be painted with the same color as the wall.
See Also How
to Estimate Renovation Costs
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