Smart Moves for Home Transformation: Flipping on a Budget & Amplifying Value

Diving into the world of house flipping can be lucrative — most sources say you can expect to net 10 to 20% of the sale price. However, if you’re not careful, you’ll fall well short of your target — and maybe even lose a lot of money.

Maximizing your returns requires careful planning and decision-making. It’s important to both cut costs and focus on maximizing the value of the home. How? Here are some tips to use on your next flip.

Cost-Effective Flipping

The first step is to find ways to keep costs low without compromising the safety or comfort of the future buyer. 

As part of this, it’s essential to estimate costs correctly. If you overestimate, you could get a large loan and pay unnecessary interest, or you might over-renovate for the area and drive buyers away. Underestimating cuts into your profits.

You can estimate materials costs by going to a variety of home improvement stores and writing down the range of prices for materials from flooring to paint to cabinets. Put this in a spreadsheet and update it regularly, taking the average of the highest price and lowest price of an item for your estimate. Websites like Angi and Remodeling Cost Calculator also offer online estimation tools.

For labor costs, talk to other flippers and real estate professionals to find out the best contractors in your area. Get to know the contractors and what they charge, and work with reliable, affordable pros. 

Here are other tips for cost-effective projects.

Balance DIY and the Pros

Novice flippers often overestimate their abilities and try to DIY everything. Not only does this lead to slower project completion and sloppy work, but it also causes cost overruns when the flipper needs to hire a professional after all. 

Be honest with yourself and budget appropriately for professional work where you need it while making clear plans for any DIY work you plan to tackle. Remember to put safety first — both yours and the future homeowner’s!

Negotiate with Contractors

An important part of business that’s easy to overlook is negotiation. You can negotiate the price in general, and you can look at arrangements such as supplying some of the materials in return for a reduced project price, allowing you to avoid markups. 

Another way to get a great price with contractors is to do flips during the offseason when the pros are looking for work and are more likely to be flexible on price. Be sure to get multiple quotes and choose based on both quality and price, not price alone.

Don’t Over-Renovate

Finally, you want to avoid making the project too expensive for the area. Having a home with impressive finishes and expensive flooring looks great on TV, but it won’t help you maximize your profit. 

Instead, focus on creating a renovation comparable to existing homes in the area. Having clear comps sets an easy-to-understand price and helps the home sell more quickly.

Increase the Home’s Value

The other side to a profitable home flip is ensuring that the work you do will help grow the home’s value. Buyers see homes as both a place to live and a long-term investment, and making the home attractive in both ways will give you the best sale price.

Weatherproofing and Energy Efficiency

Weatherproofing will depend on where the home is located: you might think about hurricanes in Florida and earthquakes in California. No matter where you are in the country, though, energy efficiency is one of the top home improvements that add value to a home. 

You can weatherproof and increase energy efficiency with excellent insulation, a smart-home setup that makes temperature, water, and lighting adjustments easy, and more.

Outdoor Spaces

Beautiful outdoor spaces also add significant value to a property. People love having a space to entertain and enjoy nice weather. 

Some outdoor projects that add value to consider include outdoor lighting that keeps the yard safer for residents while deterring intruders, beautiful landscaping, or a beautiful deck or patio. Avoid adding a pool unless they are standard in the area — pools can be expensive to insure and maintain, which can drive away home buyers.

Alternative Energy Sources

Another way to make a flipped home unique and attractive to homebuyers is to include solar panels. Solar panels can save homeowners a significant amount of money, and it helps them improve their environmental impact.

Homebuyers are also willing to pay more for a home with solar panels, making this a win-win project.

Enjoy a Profitable Home Flip

With careful planning, you can reduce your home flipping costs while also focusing on projects that maximize value. That will help you hit your profitability targets (and maybe even exceed them).

We wish you the best of luck in your home-flipping adventures! 

4 Home Improvement Projects to Stop Putting Off

Do you ever find yourself putting off home improvement projects because they seem overwhelming or too expensive? It's easy to fall into the trap of waiting until the perfect moment or putting things off until they become more urgent than they need to be. However, taking care of home maintenance and improvement projects sooner rather than later can actually save you money in the long run. Here are four household projects you should stop procrastinating on and start working on today.

Fixing Roof Leaks

Ensuring the soundness of your home's roof is an essential responsibility of any homeowner. A roof leak is unsightly and can cause substantial damage, leading to costly repairs. If you identify indications of leakage, such as water stains on your walls or ceilings, it's crucial to seek immediate assistance to resolve the issue. In such cases, consider engaging with the services of a professional roofing contractor with the expertise to locate the source of the problem and carry out necessary repairs safely.

Upgrading Insulation

Upgrading insulation is an investment that can yield significant benefits for homeowners. Improved insulation helps regulate your home's temperature and reduce energy consumption, leading to lower utility bills. It can also enhance the overall comfort of your home by preventing extreme temperature swings. A crucial area to focus on when upgrading insulation is the attic. Checking to see if you have adequate insulation and making plans for residential Insulation installation where necessary can make a big difference in energy efficiency and comfort. With so many benefits to upgrading insulation, it is worth considering as a cost-effective way to improve your home.

Upgrading Appliances

When it comes to home appliances, it's important to remember that they won't last forever, nor will they always be the most energy efficient. Upgrading appliances can lead to long-term savings on energy bills, as newer models are specifically designed to use less energy than outdated ones. In addition to saving money on energy bills, upgrading appliances can also increase the value of one's home. However, before purchasing new appliances, it's important to research and compare features and prices to ensure the investment is worthwhile.

Painting

Painting is one of the most cost-effective ways to enhance the appearance of your home. A fresh coat of paint can breathe new life into a room and create a clean, polished look. Not only does painting improve aesthetics, but it also offers protection against scratches, stains, and other damage. When selecting a color, it's important to consider the existing decor and atmosphere of your home. A carefully chosen color can add warmth and character to your living space. Whether you want to update a single room or your entire home, painting is a smart investment that can greatly impact the overall feel of your space.

Procrastination can lead to more significant problems and expenses down the line. By tackling home improvement projects early on, you can save money, increase your home's value, and create a more comfortable living environment. Start with the four ideas above, and you'll be on the path to a more organized, comfortable, and stylish home.

Necessary Maintenance for Resin-Bound Surfacing

Resin-bound surfacing is a great material for a driveway or walkway. The pavement is permeable, so water and other liquids can flow through instead of pooling on the surface. This function is helpful when ice builds up in cold weather. However, any resin-bound surfacing needs the proper care to last for years to come.

Washing the Surface

The first part of maintaining this type of surface is to regularly clean your pavement, washing away all the particles and debris that accumulate from regular use. Most people wash their pavement with a hose and water, removing most of the smaller pieces of debris. You should also use a stiff brush to remove most of the stubborn material left behind.

Weed Removal

Resin-bound surfacing is innately weed resistant because of its design, but some weeds might still take root occasionally. Check your pavement periodically for any plant growth, and pull the weeds out to prevent further damage. Make sure you get the whole root to prevent further growth.

Patching Cracks

While these surfaces can handle pedestrians and lighter vehicles, wear will slowly break down the pavement. This can cause all sorts of cracks and holes in the surfacing, which can lead to further cracking if left unrepaired. You can pour a blend of resin into the cracks to patch them. You should also learn what causes the cracks in resin-bound surfacing so you can prevent them in the first place.

Oil Cleaning

Oil can cause permanent stains on your pavement, and some mixtures damage the materials greatly. That’s why cleaning any spills as quickly as possible is an important part of resin-bound surfacing maintenance. Wipe up as much of the liquid as you can, then wash down the rest with water to prevent staining and possible corrosive damage.

While resin-bound surfacing requires far less maintenance than many of its competitors, it still needs some attention. Regular maintenance will help you keep your pavement looking its best and prevent unnecessary wear and tear over the years. This will help lower the price of eventual repairs.

Home Improvement Ideas in 2023 to Add Value to Your Property

Are you looking to add value to your property in 2023? Look no further! The future of home improvement is here, and it's more exciting than ever. From innovative home technology to sustainable design, the possibilities are endless. Imagine walking into your home and having your lights turn on automatically as you enter the room or having a self-sustaining garden on your rooftop. Not only will these ideas make your home more livable, but they will also make it more valuable in the long run. So, get ready to see your property soar in value with these cutting-edge home improvement ideas.

Kitchen and bathroom remodeling

With the idea of upgrading the environment and enjoying it more, most homeowners focus on improving certain house rooms. With a combined score of 50%, bathroom and kitchen renovations top the list of the most popular indoor home improvements.

A modern and updated kitchen increases a home's overall appeal and functionality. And it makes it more attractive to potential buyers. A well-designed and functional kitchen can also make a home more efficient and comfortable, increasing its value. Additionally, a renovated kitchen can help improve a home's overall energy efficiency, which can be a significant selling point for buyers looking for a more sustainable and eco-friendly property.

Similarly, a renovated bathroom can add value in several ways. It increases the aesthetic appeal, makes the home feel more luxurious, improves functionality and efficiency, and can improve energy efficiency. It dramatically enhances the overall feeling of the house, making it more appealing to buyers and increasing its market value. 

Outdoor living spaces

City dwellers are highly drawn to homes with outdoor spaces like balconies, patios, and terraces due to the scarcity of private yards. The demand for such spaces has risen as homeowners seek to create comfortable, attractive outdoor living areas. Having a place to entertain friends and family safely has become highly important, making outdoor spaces a continued priority for homebuyers. 
Here are a few of the many ways homeowners can improve outdoor spaces when selling a house:

• Add outdoor lighting.

• Upgrade outdoor furniture.

• Improve outdoor privacy.

• Add colors.

• Clean outdoor surfaces. 

Energy-efficient upgrades

Homeowners must understand that the key to improving the value of their property starts from the inside out, specifically focusing on the electrical system. To ensure a thorough job, homeowners should seek the help of professional electricians, such as Sacramento electricians, to conduct inspections and make any necessary repairs or upgrades.

Homeowners could work on some projects, including outlet and switches installation/ repair, electrical panel repair, and other similar issues. So, pay attention to the importance of electricity, and start improving from within the walls today! Ignoring electrical issues could lead to more significant problems down the line, so it is crucial to address them early on to increase the property's overall value.

Storage

Adding additional storage options, such as a farmhouse shed, a stylish walk-in closet in the main bedroom, or a pantry, can enhance the property value. It's a worthwhile upgrade that continues to be in demand. Pantry closets, in particular, will likely add value in 2023, as the past years have taught us the importance of having ample storage space for household essentials like non-perishable food, paper towels, and more, beyond just clothing.

Entry door

It might seem basic, but an entry door can add value to a property. A well-designed and well-constructed front door can increase a home's curb appeal and create a welcoming atmosphere for guests. An entry door can also add security to the property, which is valuable for potential buyers. A high-quality front door can also improve energy efficiency, which can be important for homeowners looking to reduce their energy costs. 

Conclusion

In conclusion, investing in remodeling your house is an important decision that not only improves the aesthetics and functionality of your home but also adds value to your property. A well-remodeled place can increase the resale value of your property, making it more attractive to potential buyers. It can also improve your home's energy efficiency, reducing utility bills and making it more sustainable. Overall, investing in remodeling your house is a wise decision that can provide short-term and long-term benefits for homeowners.