If you’re thinking of getting into real estate investment and you want to start “flipping homes,” that is, buy a home at a lower price, renovate it, then sell it at a higher price, you need to start thinking about profit. The name of the game with home flipping is ensuring that the cost you put into a home is less than what you actually end up selling the home for.
One of the best ways to give a home you’re thinking of flipping the best possible chance for a resale is to look at two rooms in the home you probably don’t give much thought to, the kitchen and the bathroom. But here are reasons why these rooms matter so much.
Renovating a kitchen in the newest style is often one of the smarter decisions you can make when flipping a home, because many homeowners will often look at the condition of the kitchen and consider how much work they want to do to it as part of their buying process. Old kitchens, with old décor such as vinyl floors, or damaged countertops immediately lose appeal with new buyers. But a new kitchen with good cabinets, floors and counters is often a big selling point.
If you’re living in a home, you want the kitchen to suit your specific needs. But if you’re selling a home, then it’s always better to have a kitchen that meets modern standards. Even a difference of 5-10 years on a kitchen’s age is enough to put the style and quality “out of date” with current trends.
Bathrooms may not be rooms in the home that people spend a lot of time in, but when they do, they don’t want to worry. This is why aging bathrooms with old plumbing are often a big turn off to potential buyers when they tour a home. An old or damaged bathroom often means that this is more added time and expense on the part of a new homeowner, and is another factor in pushing buyers away from making a purchase.
Fortunately, most people aren’t particularly choosy about the décor found in a bathroom, so it’s easier to find an efficient, quality renovation that meets current building codes. As long as a bathroom looks clean, new and the plumbing is in order, few people will make a fuss about whether the taps are in their favorite style.