Fix and flip real estate investments are an important part of a real estate investing portfolio. The goal with fix and flip properties is to buy low, make affordable improvements and sell the property for a profit. These investments help to build wealth without requiring you to hold or manage the property.
For many women real estate investors, fix and flip projects aren’t only profitable, they are fun. When we add our womanly touch and creativity a property, we turn a house into a dream home. Whether you’re investing in a gutted, luxury foreclosure or an older home in an affordable neighborhood, fix and flips give an opportunity to add your personal touch to your next investment.
Understand the Market to Add the Right Upgrades
For a fix and flip to make a profit, the upgrades must stay within budget. Yet, you want to improve the property so it appeals to buyers. Stay current on home design trends that work for the specific market. For example, while granite countertops fit in a higher end home, they might not create a return on investment for a starter home in a more affordable neighborhood.
Fix and flip homes often need new appliances. However, you’ll want to buy appliances to match the home. For higher-end homes, consider appliances with smart technology features in luxury finishes which many buyers desire. For lower-priced homes, stick with the basic models in a finish that matches the overall design style.
The same strategy goes for flooring. Don’t put laminate in a luxury home. Instead, refinish the hardwood floors or add ceramic tiles. These small decisions will impact the time on market and listing price for the home.
Overall, the goal is to add value to the property without breaking the remodeling budget. Find the right balance between style and budget so that the fix and flip doesn’t become a buy and hold.
Affordable DIY Fix and Flip Upgrades
Part of the fun with fix and flip is incorporating your design vision. Thankfully, today’s home improvement products make DIY projects easy and affordable without compromising style.
- Curb Appeal – Don’t forget the exterior when remodeling a fix and flip. Adding plants and new mulch are easy and cost-effective ways to improve the look of the front of a home. Also, consider switching out exterior light fixtures and painting the front door.
- Smart Technology – Did you know many homebuyers will pay more for a home with smart technology features? Plus, most smart technology options for a home are both affordable and easy to install. Add doorbell cameras, keyless locks and smart thermostats to add buyer appeal.
- Kitchens and Bathrooms – Kitchens and bathrooms still sell homes. However, renovations in these areas can cost a fortune. Thankfully, with the right products, you can stay on budget while upgrading the look and feel. Self-adhesive tiles install without grout but have the on-trend look of ceramic or metal backslashes. New, easy-to-install faucets allow for top of the sink installation, eliminating the need for under-the-cabinet mounts. Give sinks, showers and tubs a DIY faucet upgrade in modern finishes.
- Interior Paint – Depending on your time and budget, DIY interior painting gives a property a clean and fresh look without the excessive cost of a professional painter. Stick to neutral colors for the biggest market appeal. Color palettes in gray, taupe and white all add lasting appeal while staying with current design trends.
Know What to Outsource
While DIY projects save money, it’s important to know what jobs to outsource. This is important to save time and avoid injury or property damage. Roof repairs or replacements require a professional roofing company. Also, electrical work is dangerous and when not done right could cause problems with the inspection. Exterior painting is also best left to the professionals. Exterior paint must hold up to the elements while also looking great.
Don’t try to do these jobs yourself unless you have the professional background to do the job right. In the long run, you could pay more to fix your mistakes. Build a network of trusted homes service providers for your fix and flip projects.
Build an Emotional Connection for the Buyer
To sell a home quickly, create a desirable property for the buyer. Renovate the property so that the buyer sees themselves living in the home. This means you want craft a home that’s clean with a versatile design style.
Whether your buyer plans to live in the home or rent the home, you still need that emotional connection. This occurs when you understand the right upgrades to establish a home that’s livable and comfortable for the residents.
Women real estate investors usually can renovate fix and flip properties to add that personal touch. This gives you an advantage in the industry. Don’t shy away from fix and flip properties because of fear of renovations. Embrace your unique gifts to build wealth through beautifully upgraded properties.
Build Your Knowledge of Fix and Flip Investments
Learn more about how to execute fix and flip real estate deals with the help of Real Estate Investing for Women (REIW). We offer connection to a community of likeminded real estate investing women. In addition, we also offer courses, coaching and live events to help build your network and deepen your knowledge of real estate investing.
Whether you’re interested in fix and flip properties or other investment strategies, we have the experience and knowledge to help you grow a successful real estate investing business. Don’t let fear stop you from pursuing your dreams! Start today by scheduling a coaching consultation with REIW.