Here at Center Street Lending, we see a lot of ideas about how a house can be fixed up and flipped for maximum profit.
Some ideas are much better than others.
The problem with the ‘big ideas’ is that they often cost big money.
It’s easy to overlook obvious fixes that just might add tremendous value. On the other hand, big ventures and renovations are sometimes not always the best investments for individuals keen on making a big profit. It turns out that the most profitable investments are also the safest. The long term quality and dependability of your rehab should be your primary focus.
So what renovations should you focus on?
Bringing a Property Up to Standard
Start by making sure the property compares to the rest of the properties in town. The first thing to remember is that if a property is below the neighborhood or city standard, first you must see to it that the basics are set. Buyers will avoid a house with a leaky roof, cracked retaining walls, or weak and cheap floors or walls. And anyone interested in the only home on the block without air conditioning or a garage is only going to buy if the property is significantly cheaper.
Kitchen and Bathroom Remodel
if you don’t upgrade the kitchen and bathrooms, you’re basically offering a discount to a buyer who is thinking of doing that work on their own. If you want buyers to see value in a home, don’t give them reasons to look for work they’re going to have to do.
Front Door Replacement
The front door is one of the most important aspects of curb appeal on the exterior of the home. A solid, fireproof, soundproof front door will look great and update the look of the whole front of the house. It’s not a huge investment to install a new front door and the return is ofter more than 100% of the cost.
Add a Deck
There are very few amenities that we can recommend for most rehab projects. A pool, for example, is a terrible investment unless every other home in the city has one. Not only expensive, the return is rarely worth the commitment. A lovely deck can be done well without spending a fortune and will get buyers thinking about how to use that exterior space.
If you are considering a property rehab project and need funding, Center Street Lending can make it happen. We lend in CA, AZ, CO, UT, TX, FL & NC, up to 80% of the property purchase price as well as 80% of your anticipated rehab costs. Give us a call today or request a no-obligation quote online.
We can fund your project in as little as 24-hours! Follow Center Street Lending on Twitter
for all the latest updates.