All your dedication has paid off. After searching through a ton of real estate listings and viewing several houses, you’ve finally found your perfect fix and flip project. Your diamond in the rough is still very rough, and so begins the next part of your fix and flip adventure. It’s time to make that diamond shine so bright that potential buyers will find it impossible to pass by. But, how do you do that? How do you develop a vision for your rehab project?
Look at the Surrounding Area
Are there any other homes for sale or rent in the area? If so, go look at them. Walk through the house and pay attention to what rooms are more prominently featured, the kitchen style, and the flooring choices. Drive through the neighborhood and pay attention to the small details that make the houses stand out. Do a lot of the homes have fenced in yards? Do the majority of them have large porches or perhaps cute shrubbery in front of the house? Paying attention to what’s popular within the neighborhood is a great way to find a few helpful ideas for your project. You don’t have to copy everyone else, but their ideas will give you a solid foundation to build on.
Always Think About the Buyer
You might love homes with a minimalistic look, but if you’ve bought a house in a neighborhood that’s filled with families, your taste won’t help you sell your house. You have to remove your desires from the equation. After all, you’re not designing this house for you. You’re designing it for the people who buy houses in that area. You’re designing someone else’s dream home. The only desire of yours that you should focus on is the desire to create a home that will sell well. So, when you’re drawing up plans or shopping for staging furniture or backsplash for the kitchen, don’t think about what you want. Think only about the potential buyers. You don’t want to have to cross your fingers and hope that you find someone who likes your style. You want to create a home that casts a wide net and brings in several potential buyers who would love to call your fix and flip their home.
Look on Pinterest
Pinterest is great for home inspiration. You can find great ideas that will save you time and money. Use designing hacks to make your home look expensive without shelling out more money than you want. Create a Pinterest board filled with design tricks and tips, pictures of kitchens and bathrooms, and a list of popular paint colors, and watch as your fix and flip project starts to come together in your mind.
Remember Your Budget
You want to dream big, but not too big. Sure, it’d be great to buy the nicest, most expensive tile, cabinets, and a state of the art shower, but you should always remember to develop a vision that is cost-appropriate. Otherwise, you might find yourself out of money half-way through renovations.
Take Advice
Do you have a friend or family member whose style is similar to that of your target audience? If so, take them to the store and listen to their opinions on kitchen sinks and cabinets, bathroom styles, and flooring choices. Take notes and ask questions. Sometimes a second pair of eyes can help you see something you would ordinarily miss. It’s important to remember that you don’t have to do all of this alone.
Have Fun
Yes, fixing and flipping is hard work. It takes a lot of time, money, energy, and planning. So, if you’re going to put all of that in, you should have some fun in the process. You might not be designing your dream house, but that doesn’t mean you can’t have fun, enjoy the process, and add a few touches that make the house unique, that make it stand out from the rest. When someone loves their work, it shows.
Creating the perfect vision for your new fix and flip property is a process and takes a lot of time and thought. Follow these tips to make the process a little easier and more enjoyable. If fixing and flipping is your business, or your dream, and you need financial assistance please contact us. We look forward to helping you make each project a success.
Center Street communications are not intended to provide business, legal, tax, investment or insurance advice. No Center Street communication should be construed as a recommendation for any business or investment strategy by Center Street or any third party. You are solely responsible for determining whether any investment, investment strategy, business strategy or related transaction is appropriate for you based on your personal investment objectives, financial circumstances and risk tolerance. You should consult your legal or tax professional regarding your specific situation.
