To get the biggest payoff on a fix and flip property, it’s important to look toward the future. Avoid spending time and money installing trendy appliances, flooring and cabinetry materials. While it might be tempting to paint walls and install flooring in trendy colors and styles, prospective buyers may take a hard pass because they’ll be envisioning all of the renovations they’ll have to make in the next year or two after the trend fades away.
Classic Color Schemes
Trendy colors become outdated quickly and should be avoided in a fix and flip property. When you’re flipping a home, your goal should be to create a home that is accessible to anyone, regardless of their personal taste and sense of style. Neutral colors are much safer and likely to appeal to a larger number of prospective home buyers.
Focus on classic color schemes, both indoor and outdoor. Bold colors may draw attention, but they’ll also act as a deterrent for practical buyers. Steer clear of reds, pinks or other bright colors. Avoid using bright white for walls, as large expanses of bright white can feel overwhelming. Opt for a more neutral off-white tone. Homes with neutral color schemes are easier to decorate around. Further, neutral tones are much easier to paint over than bolder colors, which may require an extra coat or two of paint to cover completely.
The neutral theme applies to flooring as well. A home with a bold or ornate floor is difficult to match unless it suits a specific homebuyer’s style. When redoing flooring, pick durable materials in timeless shades. Medium-toned hardwood or laminate flooring is a good choice. Neutral beiges and greys are good choices for tile, laminate or carpeting. Kitchens and bathrooms should have water-resistant flooring such as vinyl or tile.
Modern Appliances and Fixtures
Pay particular attention to the appliances and fixtures in the kitchen and bathrooms. These rooms are the most important rooms in a home and when renovated appropriately, they can bring you the most bang for your buck. Make sure the refrigerator, sinks and toilets are up-to-date. Avocado green appliances may excite a small subset of homeowners who enjoy a vintage look, but most home buyers will see these vintage appliances and mentally calculate the cost of replacing them. Appliances are expensive, and prospective buyers will often offer a higher asking price for homes with newer appliances.
Reduce Your Business Costs
The best part of using neutral color schemes in a fix and flip property is that the colors will be useful for any type of property. Therefore, you can stock up on paint, carpeting, flooring, cabinets and countertops and use them for future fix and flip properties.
Are you an experienced investor who is looking to grow your fix-and-flip business? Contact Gorilla Capital today to find out how we can help. We operate in a manner similar to a joint venture partnership and provide funding to experienced fix-and-flip operators to cover acquisition and remodeling expenses. We also provide substantial office support, allowing investors to focus on securing more deals, improve turnaround and get a higher ROI.