The fix and flip loans approach to real estate investing has the potential to be a financially rewarding enterprise and enables you to contribute towards the revitalization of economically distressed communities. But in a competitive market, it is essential that you come up with ways to give your fix ad flip project an edge on other properties on the market in order to get it on and off the market in the shortest timeframe as possible. Doing so will optimize your return on investment and will allow you to get a fast start on your next income-generating endeavour. While simple touches like new siding and a fresh coat of paint are good steps towards revamping a home for the market, what else can you add to your fix and flip to give it that “wow” factor when it comes to catching the attention of potential homebuyers in the area?
The following are three key additions that will increase the property value of your home and give you a leg up on your competition.
Value Add #1: Smart Home Tech
A classy addition that is popular in today’s technologically-driven world is smart home features. These devices enable homeowners to keep track of their energy usage, monitor their security system, control their temperature settings and so much more with just the click of a button. Nest, for instance, programs their thermostats to adapt your preferences and implement energy-saving steps based on your profile. You can also incorporate technology in the bathroom as well. Touchless water faucets are all the rage now—especially for families that have children because they’re clean and easy to maintain. When attempting to sell your fix and flip project, these types of modern touches will catch the eye of young, tech-savvy home buyers and increase the price tag of your home with minimal effort—a win-win situation when it comes to getting your property resold at a premium price point. Doing so will positively impact your bottom line and reduce the time and effort it takes when it comes to staging and showing the property.
Value Add #2: High-End Appliances
Another big value adds that you can implement into your fix and flip project are high-quality appliances. Although some homes may be staged with these appliances, incorporating them into part of the asking price is a huge selling point for potential buyers. Sought-after appliances such as stainless-steel kitchen finishes, washer and dryer units and digital monitors collectively upgrade the aesthetic appeal of the house and add value to the property. Additionally, you can implement cost-saving features that are also stylish. Swapping out inefficient toilets, faucets and shower heads for the originals go a long way in water conservation. A low-flush toilet uses 20% less water than a traditional toilet, and water saving shower heads can help homeowners save nearly 3,000 gallons of water annually. These classy and thoughtful touches will draw in house hunters that are looking for elegant, unique style points and set your fix and flip property apart from the countless other run-of-the-mill homes on the market that you will be competing against.
Value Add #3: De-Clutter
Okay, so this isn’t really an addition per-se, but make sure to focus on neutral design elements that will appeal to the largest percentage of your target market. Nothing turns potential homebuyers off faster than an interior design that doesn’t exactly mesh up with their personal style. Be mindful that you aren’t unintentionally imposing your own preferences when it comes to staging and renovating the property. To this end, try to incorporate soft, neutral colors for the majority of the finishes—there is always room to add in brighter colors and novel materials as accents for the purpose of drawing attention to and highlighting certain focal points that show off all of your hard work.
If you are looking to partner with hard money lenders on your next fix and flip loan, reach out to Express Capital Financing today. We as New York Hard Money Lender specializes in a variety of loan programs, including fix and flip funding and fix and flip loans for beginners. We’d love to learn more about your investment portfolio and how we can work together on your next hard money loan.