Never before has the idea of “flipping” homes been so widely known and studied. All you have to do is turn on the TV and flip through the channels – most days, you’ll have no trouble finding some kind of reality show in which people look for beat up old homes to restore. Seeing the transformation take place is a big part of the fun. You see how old, decrepit or downright distasteful a property is – then you see those old materials being torn out, and new renovations taking their place. By the time you reach the end, it looks like a completely different property. Usually, we get to see the home being sold – and we find out just how much profit was turned on the home.
Flipping homes certainly isn’t for everyone, and it can be a risky investment. There are plenty of situations in which money is lost on flipping homes, either because the value was overestimated from the beginning, or because mistakes were made during the renovation process. That’s partly why we’re so fascinated by it. You know just don’t know how things are going to turn out, and finding out is half the fun.
But when it comes to flipping homes, there are certain renovations that are more common. It’s true that every situation is different, and no two home renovation projects are exactly alike. People often want to know, however, what the most common renovations for “house flipping” actually are.
The answer is fairly straightforward: Kitchens and bathrooms! By far, these are the most common areas people focus on when they’re renovating a property in order to sell it. It’s well known that potential buyers gravitate toward these areas, and if they’ve been recently renovated in a highly professional and tasteful way, other shortcomings may be forgiven. However – if a kitchen and/or bathroom is dated and falling apart, buyers are much more likely to hit the road in search of a better fit.
Having said this, it’s no use renovating kitchens and bathrooms if you’re going to neglect other important structural issues, such as siding and roofing. That’s why it’s a good idea to have a property inspected by a professional before you decide whether to try and flip it. You need to know whether there are any big problems that need to be addressed, and you need to know how your budget will be best put to use.
Do it yourself or trust a professional?
Whether you’re renovating a home just to sell it, looking to improve your own lifestyle at home, or some combination of the two, you want to make sure your renovation dollars are put to good use. It may be tempting to do the work yourself with the idea that you’ll turn a bigger profit, but it’s important to be realistic about your capabilities – as well as the cost of tools and building supplies. Hiring the right professional can take the guesswork out of the equation and give you a dependable budget, schedule and final result.