One of the key elements in a successful house flip is to do the proper renovations and updates in the home to increase its value and make it more marketable.
Once of the best places to invest your money when making a home update is the kitchen. If you approach the project carefully and thoughtfully, you can update a kitchen for a house flip so that you get the most out of your money.
- Assess the current situation. Before you decide to rework the kitchen, take a look at it and see what works and what doesn’t. Depending on the age of the home and how the previous homeowners took care of the space, you may not to make as many renovations as you thought. If your cabinets are in good condition, you may not need to change it, but only spruce it up a bit with some cleaning and a new coat of varnish or paint. However, if the white appliances are faulty or are more than ten years old, you may need to spend the money to update it. Think about what a potential buyer will see in the kitchen and what will make the space more attractive to buy.
- Set aside a budget. Based on your assessment, make a budget that you can spend for the updates. The more work that needs to be done, the more money you will need.
- Paint the kitchen. Liven up an old and dull looking kitchen by painting it a new color. Make sure the new color is congruent with the rest of the home. Don’t choose an overly dramatic shade such as lime green or bright red that may turn off more conservative buyers. Remove old wallpaper and any borders in the space.
- Change the light fixture. You can make a beautiful design statement in your kitchen by changing the lighting fixtures. Most old kitchens have fluorescent lighting or recessed lighting. Why not purchase an interesting lighting fixture to add some flair to the space? Install halogen lighting or some over the counter lighting fixtures. These are relatively inexpensive but a buyer will find it a useful and practical design element.
- Resurface the cabinets. If your cabinets are still in good condition, give it a new coat of paint. Changing an entire cabinet system can get very expensive, so work with what you have. Don’t forget to update the hardware on the doors. Changing the handles can make a big difference in your space.
- Change the faucet fixture. A modern looking faucet fixture will make your sink look modern and updated. You can even find a spray hose. Remember, it’s the little things that count when it comes to making updates.
- Change the appliances. If your appliances are over a decade old and you want to entice buyers for the house flip, then you need to spend on the appliances. If you don’t have enough money to rework the cabinets, floors and other items, then spend the money on new appliances. Potential buyers will instantly see the value of the new appliances and it will be a strong selling factor in the home.
Before you go off and buy a series of homes for a house flip, you should first carefully consider the health of the housing market in your area. Some areas retain and recover its value better than others. Also, you need to consider how liquid you are in terms of cash investment. Keep in mind that you should weigh the advantages of updating the kitchen for a house flip versus the time it will take to recover your investment.