Flipper Renovation: Best Home Upgrades
Choosing the right upgrades to renovate your home can significantly enhance its functionality, aesthetics, and value.
Renovation activities by Australian homeowners are at a three-year high during 2019 to 2021. Nearly half of homeowners had an average of $30,000 for renovations in 2021 – almost 48% of all homeowners in the country.
Whether you plan to sell your property or create a more comfortable living space, focusing on the right home upgrades can make a big difference. Of course, in the real world, you must prioritize budget-wise which renovation you should consider. Maximizing your returns and focusing on value-adding flipper renovations that will fetch you the best possible sale price will make the reno worthwhile.
Which renovations can increase value?
Renovating your home can be a great way to increase its value, whether you plan to sell in the near future or simply want to enhance your property. Flippers can make do with smaller projects that can make the home more valuable or commit to big-ticket projects.
Here are some home renovations that are known to bring value to a property:
Small-Scale Renovation Projects
- Paint
Coating with fresh paint is one of the simplest and most inexpensive ways to add value to your home. Painting rooms and the exterior of a house can transform the appearance immediately and make a difference with the property looking brand-new again.
- Street appeal
First impressions usually last, and when you’re a flipper, you’d want people to fall in love with the home from the moment they look at it.
No matter how grand and excellently designed your interior is, the exterior could sway a potential buyer if it looks underwhelming. Renovation projects may include cleaning the gutter, using a pressure cleaner on the brick walls and driveway, replacing rusted downpipes, and trimming the garden.
If you have a little bit more budget, you could replace the fencing or hire professional landscaping to upgrade your curb appeal.
And don’t forget the small details: install new street numerals, letterboxes, and light fixtures to complete the look.
The best thing about street appeal projects is they are more affordable, and you can DIY them.
- Flooring change
Don’t neglect flooring; faded and worn carpeting or tacky vinyl flooring could cheapen the look of the home and impact your selling price. Moreover, any musty smells usually come from old carpets.
Consider replacing old flooring with more modern options, like engineered sheet vinyl, wooden laminate, tile, or concrete. These make for attractive but affordable results for your home.
Experts also suggest that, if possible, match the flooring throughout the entire home, except of course the bathrooms. Having uniform flooring makes the whole house appear larger and brighter.
Medium-Scale Renovation Projects
Some properties can be improved enormously by completing a medium-sized project, especially with older houses that have missed the modern amenities on trend now.
- Open floor plan
Opening interior spaces can create a more modern and spacious feel. Removing walls to create an open floor plan between the kitchen, dining, and living areas can improve the flow and make the home feel larger than with walls dividing the spaces.
This renovation is best done with a professional developer to ensure structural integrity and proper support for any modifications.
- Kitchen remodel
The kitchen is often considered the heart of the home and a key focal point for buyers because it’s the area of the home people spend time the most. An updated kitchen could boost your home price anywhere between 4%-6% of the home’s total value!
The average cost of a kitchen renovation could run you around $15,000 upwards depending on the size and materials.
Usually, a developer will upgrade countertops, backsplash, cabinets, and appliances to create a modern and functional space. Consider open shelving, energy-efficient appliances, and high-quality finishes to attract potential buyers.
If you don’t have thousands to spend on the kitchen redo, there are more cost-effective ways that achieve a great impact. For instance, you can focus on repainting cabinetry and tiles, replaing cupboard doors and handles, and installing ready-made benchtops.
- Bathroom upgrades
Renovating bathrooms can have a significant impact on a property’s value.
Replace outdated fixtures, upgrade the vanity, install new tiles or flooring, and consider adding features such as additional storage, a walk-in shower or soaking tub. Improve lighting, ventilation, and cabinetry to create a more inviting and luxurious space.
The rule of thumb with bathrooms is to keep things neutral. Refrain from loud tile colors or extravagant fixtures. You want to give potential buyers a clean space where they will be the ones to add their own flair to the home.
- Outdoor enhancements
Improving your outdoor living spaces can create additional appeal for buyers. It’s not going to be as value-adding as a kitchen remodel, but if your budget permits it, consider adding a deck, patio, or outdoor hangout area.
- Additional rooms
Interior rooms that have become the most popular additions in recent years include guest bedrooms, guest bathrooms, an entry or mudroom, and wardrobes.
Adding rooms and spaces in your detached house is a big ask, but can be achieved when working with a professional builder. You can convert an unused space, such as an attic or basement, into a bedroom. Ensure proper permits and comply with building codes when making structural changes.
What about flipper renovations that don’t add value?
Even with the best of intentions, going all out in your home renovation activities won’t necessarily boost your home’s value. Some projects might even detract potential homebuyers from choosing your property.
- Pool
Sure, a pool sounds like a wonderful add-on to a home, especially in areas where you experience mostly warm days. But having pool also means expensive maintenance costs, not to mention regular cleaning tasks – and not all home buyers think that’s worth the price and the effort.
The only time you should consider adding a pool to your home is if you are located in a suburb where most homes have one. Otherwise, it may not be a savvy investment.
- Major landscaping
Uplifting the exterior landscaping contributes to good curb appeal, but you could do the simplest work without having to spend thousands on landscaping projects.
For example, you could settle on simple hedging and trimming of shrubbery – without having to add a pond or sculpt the shrubs. You’re not sure that the buyer would be willing to maintain it all.
- Customized features
Every home buyer is different; what you consider an upgrade may not be as important to another person. So, while having a custom crafts studio seems fantastic, it may not be worth the added price on the home. If you’re flipping, it’s best to stick to generic spaces that have universal appeal.
Other personalized features include custom flooring, tilework, or wallpaper. Again, the appeal depends on the person. If a design feature doesn’t suit most of home buyers’ tastes, that expense won’t be worth it and may detract them from purchasing the property.
Ask us your flipping renovation questions
Renovating key areas of your detached home could add thousands more on your home’s value. And you won’t necessarily have to break the bank to achieve this, either. In today’s climate, when there is still a huge demand for housing especially in cities, you could strike it big by doing both small- or medium-scale projects.
If you are looking into securing investment property loans or personal loans for kitchen or bathroom renovation, or other expenses, our loan specialists are available to help you navigate options.
