7 Renovations to Focus on for a Fix-and-Flip
Taking on a fix-and-flip project is a great way to invest in real estate and earn quick returns. That said, these projects are done quickly, often within 6 months, so it’s important to know which renovations to focus on to make the most of your time. Today, we’re reviewing why strategic property renovations matter, seven renovations to focus on for your project, and what type of loan is best for this investment strategy.
Contents of This Article:
- Why Do Strategic Property Renovations Matter?
- 7 Renovations to Focus On for Your Flip
- Find a Fix-and-Flip Loan for Your Project
Why Do Strategic Property Renovations Matter?
Knowing which renovations to focus on is crucial when taking on a fix-and-flip project. After all, choosing strategic upgrades can help significantly boost the property’s value, attract more buyers, and help the home sell faster.
However, choosing the wrong parts of the property to improve can eat into your profits and delay your selling timeline–which can be a major problem if you’re trying to pay off a Baltimore rehab loan.
This is why it’s important to focus on renovations that offer the best returns. For instance, focusing on making the property more modern, fixing visible issues, and boosting curb appeal are great ways to increase value without breaking the budget. With the right plan in place, every dollar spent on upgrades can get you closer to a successful fix-and-flip project.
7 Renovations to Focus On for Your Flip
Fix-and-flip projects are all about maximizing your return on investment (ROI). To complete a successful project, investors must choose renovations that increase value without overextending the budget or project timeline. Here are seven renovations to focus on for your fix-and-flip project.
- Kitchen Upgrades
- Bathroom Improvements
- Flooring Replacement
- Interior & Exterior Paint
- Curb Appeal Enhancements
- Updated Lighting & Fixtures
- Minor Layout Improvements
Kitchen Upgrades
The kitchen is one of the biggest attractions of a home and is usually one of the first places buyers look. Even the most simple upgrades, like new countertops, modern hardware, and updated appliances, can make a huge impact. If you’re working on a short timeline, you don’t need to gut the area entirely–just focus on fresh, functional, and stylish improvements.
Bathroom Improvements
Outdated bathrooms can be a huge turnoff for potential buyers. Replacing vanities, re-tiling the floors, updating fixtures, and adding good lighting can give the space a clean and modern look. You don’t have to go crazy with these upgrades–even small improvements can add serious appeal.
Flooring Replacement
New floors instantly refresh a space. If you’re adding new flooring to a property, consider installing cost-effective, durable materials like luxury vinyl plank (LVP) or laminate that mimics hardwood. Generally, you’ll want to avoid carpeting wherever you can, as it can feel outdated and harder to maintain in the long term.
Interior & Exterior Paint
A fresh coat of paint is one of the easiest and most cost-effective renovations to focus on to refresh a space and add value. That said, you’ll want to stick to more neutral colors that make the home feel bright, clean, and move-in ready. And don’t forget the exterior–curb appeal starts with a clean, fresh, and welcoming look.
Curb Appeal Enhancements
First impressions are crucial for buyers looking at properties. Small landscaping upgrades, a new mailbox, outdoor lighting, or painting the front door are all simple ways to elevate a home’s look from the outside. These upgrades can help draw in potential buyers before they even step inside the property.
Updated Lighting & Fixtures
Swapping outdated light fixtures and hardware for modern, cohesive styles can instantly elevate an entire home.
Good lighting also makes spaces feel more open and inviting for owners or visitors. When updating these features, make sure to stick with warm, energy-efficient bulbs to create a welcoming space and save some money on utility bills.
Minor Layout Improvements
Small structural improvements can go a long way. For instance, knocking down a wall to create an open concept or adding a closet to create a legal bedroom can add functionality and value to a home. However, remember to always consult a contractor or hire a professional before removing any walls.
Find a Fix-and-Flip Loan for Your Project
If you’re looking to invest in a fix-and-flip project, it’s important to choose the right loan for your strategy. Since these projects are short-term, many investors choose hard money loans to finance their properties. Hard money loans are a good option because they’re relatively easy to obtain, funded quickly, and you can pay them back quickly.
Need a hard money loan for your fix-and-flip near Baltimore? Look no further than Maryland Hard Money Lenders. Our team of real estate loan professionals can help you get started on your next investment quickly and efficiently. We offer loans for several different real estate investment types, including fix-and-flips, rental properties, and bridge financing. Learn more about our lending process, or get started on our initial loan application today!
