The life of a flipper is one of countless expenses — from taxes to insurance, to inspections… you name it, and it’s probably on the list of expenses a property investor has to keep track of.
So, when we stumble on information that helps real estate investors and flippers maximize their profit while minimizing their expenses, we know it’s something we’ve got to share. Recently Zillow and Thumbtack released a list of projects that cost under $5000 but have the potential to bring in far more than $5000 in value.
When your ultimate goal is to sell a home, rather than live in it, these types of projects can be game changers. Whether you are adding value to the property or just increasing curb appeal, you can dramatically increase your sales chances and profits without having to undergo a full home remodel.
So what do these projects look like through the filter of a flipper or investor? Let’s take a look:
1. Brighten things up with Window Boxes:
What seems like an improvement that’s a little old-fashioned is actually a powerful selling enhancement that comes at a surprisingly low cost. According to Thumbtack, homes with window boxes installed get up to 48% more savings and 52% more shares per day on Zillow than similar homes without window boxes.
These containers are installed just below the window sill and often contain flowers, herbs, or other plants that are visually appealing (even fake flowers work!). It’s a simple way to create eye-catching curb appeal. For a flipper, this project couldn’t be better. It’s not too expensive to have window boxes installed professionally (about $1050 on the top end, when it’s all said and done), and even cheaper to DIY with materials costing anywhere from $15 to $900. Getting your property in front of 52% more eyes for $1050? As an investor, that’s a win.
2. Fill up blank space with Open Shelving
Empty walls are never a big seller, but investors don’t often have the time or funds to source staging materials to cover up the blank space. This is where open shelving can be a lifesaver. Zillow tells us that adding a floating shelving system to kitchens, bedrooms, and other living spaces can get up to 37% more savings and 45% more shares per day on online real estate platforms.
Thumbtack reports that the national average for professional shelving installation is around $275, not counting the cost of the actual shelves and materials, which come in a wide range of prices. This is another project that can be a fairly simple DIY if you have the skills, and if not, it’s a fairly inexpensive way to add a homey, personal touch to the property you’re trying to sell.
3. Spruce up your exterior with Painted Brick
One of the more popular trends right now just so happens to be a flipper’s best friend. Painting the exterior brick of a home can dramatically improve its curb appeal with relatively minimal cost to you as a flipper or investor. While definitely on the pricier side of this list (Thumbtack says the national average is $4,600-$7,600 for the whole job), a home with an exterior of painted brick can get 31% more saves and 39% more shares daily on online realty sites, which is definitely enough to make the task worth your while.
4. Put up a Picket Fence
The “white picket fence” has become a universal symbol of the American Dream — and for good reason! A clean, well-maintained picket fence is visually pleasing and brings with it the psychological benefits of a nation-wide-accepted symbol — it offers comfort, safety, and a promise of home. A fenced-in yard will also appeal to buyers with pets, offering them a safe place for their furry friends to scamper outside while they enjoy their back or front yard. With the chance for 27% more saves and 31% more shares on sites like Zillow, the $7-$45 per linear foot price tag is well worth it when you’re trying to improve curb appeal and get your property sold.
5. Find some shade under a Pergola
Outdoor gathering spaces are extremely desirable for new homeowners, especially ones with families and pets. Building a deck or laying concrete for a patio, however, can be a huge drain on an investor’s time and cash — their two most valuable resources. A relatively inexpensive and visually pleasing alternative? Try building a pergola.
Zillow shows that adding a pergola to a home can inspire 20% more savings and 24% more shares per day on Zillow compared to similar homes. With $3,600 for a 10×10 foot, professionally-built pergola (including labor and materials), you’ll save thousands of dollars in comparison to a full deck or patio. And if you’ve got woodworking skills, even better. You can save at least a thousand in labor if you’ve got the know-how to DIY.
6. Fire Pit
Staying within the theme of outdoor gathering areas, a fire pit is another great way to make potential buyers feel right at home, without having to break the bank. Thumbtack and Zillow point out that homes with a firepit can get 19% more savings and 23% more shares per day. Whether you’re purchasing a kit or building it yourself, the whole thing should only cost you around $200.
7. Smart Lighting
This option is not going to be universally useful for all flippers, but it’s a surprisingly inexpensive way to add some extra value to your investment property. Installing smart lighting in a home can be just the detail you need to push your property to a more desirable level for buyers. Similar to adding a firepit, Zillow says that homes with smart lighting can get 18% more savings and 23% more shares per day. Thumbtack says the average national cost to install smart lighting is only around $308. So, if you’re looking for that last detail to punch up the value of your property, smart lighting might be exactly what you’re looking for.
Property investors are realistic people. We learn how to buy smart, solve problems, and add real value — all on a budget designed to turn a legitimate profit. Completely remodeling every project you’re flipping simply isn’t realistic, and it’s certainly not going to turn you much of a profit. These no-demo projects are designed to improve curb appeal and add marketable value — why not give some of them a shot?
Looking for a lender who can help with your next flip project? Head on over to www.peakassetlending.com to learn more about what we do and how we can help.
Recent Comments