So you found the home of your dreams, and now get to try the newest batch of trends that the home makeover shows are pushing! Many first time homeowners, want to take on projects that may be a bit too complicated to complete, or even worse may hurt the value of their home! Before your break out the chalkboard paint, take a second to learn more about the projects guaranteed to increase your home value and that everyone should do. We cover the best tips and tricks of successful house flippers in Arizona!
Draw Up A Timeline
Before starting any new project, especially one that will be time-consuming, it’s important to know, how long do you plan to be in this home? For house flippers in Arizona, this is an important question in determining how long you plan to live in a home before you begin any major renovations. Having a timeline, such as I plan to sell this house in 6 months, will help you prioritize projects, or eliminate ones that cannot be completed. If your plan is to resell than you should make sure that your upgrades aren’t just tailored to your tastes, and have more universal appeal.
Easy Updates Everyone Should Make to Their Homes
These easy updates are ideal for those that just want to clean up their homes, without hurting their bank account! These easy repairs are used by successful house flippers in Arizona because they cost very little and make big impacts on homes!
The first update on the list is installing trim! Depending on your home, you may just need to repaint your base trim, but installing a crown molding, or just a new coat of paint will make your room look refreshed and is cheap and easy to install by yourself!
The second easy update for your home is changing, or updating your door knobs, and handles. A uniform look will make your kitchen sparkle, and update your home. Handles and door knobs are so cheap and come in such a large variety, you can really play to rooms to match color schemes, or even add some extra drama or security for rooms. Some house flippers in Arizona will add additional key locks to the interior to home, so they can rent our more spaces in a property.
Our Last easy upgrade is to add new light features. This could be a simple as updating an old ceiling fan, with brighter lights to light up a room, or a more elaborate focal point, such as a chandelier or Edison bulbs in the kitchen. While this does require some minor electrical work, make sure to follow the instructions carefully so that you do not hurt yourself.
Updates That Earn You The Most Cash When You Sell
House flippers in Arizona buy properties that are in need of upgrades, make those upgrades and sell the home for a profit. While easy upgrades are always a great way to give to update your home, making these larger upgrades will make selling and making more money for your home easy! You can use these handy real estate calculators to help you in your budgeting process.
The first Large upgrade you can make to make more money is a minor kitchen remodel. The kitchen is a vital room in your home listing, so updating it to make sure it is more appealing to everyone is essential. A minor remodel includes new paint, updated cabinet hardware, and a new countertop. Adding a new coat of paint, and a beautiful new countertop will revitalize your space, and make buyers remember your home. Most realtors will say that the kitchen was a major factor in buying their clients deciding on a new home, so make sure you update accordingly! You can read more about home buying facts you need to know here!
The second update you can make to a home is installing a new garage door.
If you aren’t thinking about your curb appeal upgrades for your home than you are missing a great opportunity to make the most of your flip! Not only is curb appeal the first look potential buyers have of your home, but is one of the cheapest and fastest ways to improve a home. The standard garage Door replacement costs about $3,470 with the ROI up t 98%! This is one of the top flips for a reason, as it instantly boosts curb appeal, with no more broken doors or dingy windows, but adds convenience to potential buyers, but offering them a covered place to park!
If you are a veteran of house flipping in Phoenix you know that the first thing that needs to go is windows. But why? This may be one of the most tedious tasks on the list, but it has a high return on interest, with a 75% return. It is easier to turn a home around if you list new windows and the reason why? Cost efficiency, old windows can let in heat from outside, not to mention losing any cooling effects of the air conditioner on a hot day. Windows that are easy to open and matching throughout the home is also important. So make sure you stick to a style and think about how it matches with the exterior of your home.
If you are smart about the updates you make to your home you can make a large return on interest, or ROI, as they call it in the real estate investing world. If you know your home would benefit from a large repair, don’t be afraid to get it done! A lot of homeowners can take advantage of home rehab loans, which are offered by hard money lenders. Home rehab loans are used to und one-time large repairs to help you sell your home. Home rehab loan is a type of hard money loan that using your properties retail value to qualify for the loan, instead of your credit score. You can learn more about where to find a hard money loan here.
Prime Plus Mortgages is a licensed hard money lending company located in Scottsdale, Arizona. We specialize in hard money loans, or HMLs, for developers, property flippers and buy-and-hold strategists. Hard Money Loan programs make private money available for small to medium scale projects.