How To Make the Most Money When Flipping a House

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Kitchen and Bath

Kitchens and bathrooms are the spots where you are going to get the most back for your renovation dollar. If you are on a limited budget and can only do small renovations, be sure to do the kitchen and bathrooms. Nothing will scare off potential buyers faster than worn linoleum, chipped tile and badly outdated cabinetry.

This does not mean that you must completely gut and re-build these rooms. If your cabinets are outdated, you may be able to purchase new doors and handles, or a simple coat of paint might do the trick. However, if you are planning a total renovation, there are a couple of things to keep in mind.

* Keep your colors neutral. Never use boldly colored tile or flooring to accent a room. If you feel that you must ad color, use it on the walls. It is much easier and less expensive for the buyer to re-paint than to rip out and replace tile and flooring.
* If you are going for a certain look, don`t deviate from it. If you are going to spend the extra money to install granite counter tops
, don`t try to offset the cost by putting in bargain priced sinks and fixtures. This will definitely not go unnoticed.
* If you can do it, open up the kitchen to the living area.. Most buyers appreciate an open concept because it gives the illusion of added space.

Flooring

It seems that hardwood floors are always in style, but be careful. Whether you are resurfacing old flooring or installing it new, stay neutral. The nearly black or deep cherry flooring that you were so fond of may be a turn off to potential buyers. The same thing applies to any flooring. Neutral sounds boring, but it gives buyers a blank canvas to work with. They will surely be unimpressed with a dizzying tile pattern on the floor no matter which room it is in.
Basements

Basement renovations are a good way to ad value to your home. You can ad living space without spending a fortune, but basement living space will only bring about a 40-50% payback when you sell so don`t over-do it.

If you already have an in-law suite in your basement, then a little upgrading is probably all that it will need. However if you are starting from scratch, it is not advisable to turn this space into an apartment. Instead turn the space into something that gives potential buyers something that they can convert themselves. They may prefer to use it for a home office, play room or media room rather than for extra income. But always remember to make it bright.

* Consider having new basement windows installed
* Rip up old and dreary carpeting and replace with a light colored laminate flooring. It is economical and fairly easy to install.
* Remove outdated paneling from walls, install drywall and paint in a light neutral color
* Upgrade lighting fixtures

Curb Appeal

The outside of your home serves as a kind of welcome mat for buyers, so show them that they are welcome.

* Be sure that the paint is not peeling. Touching up the paint on trim, railings and fencing can make a huge difference .
* Plant some shrubs and seasonal flowers or install some window boxes filled with color
* Re-seed or re-sod any brown patches in the yard
* Make sure that grass is cut and any unruly tree branches are trimmed back
* Keep toys and yard equipment out of site
* Ad some lighting to the yard

Do Your Homework

If your main goal is to sell your home for a good price, then chances are that all you will have to do is a bit of fixing up. On the other hand, if you are out to make a bundle quickly, make sure that you do your homework before shelling out the big bucks to renovate.

Research what similar homes in the area are selling for. It would be foolish to spend $30,000.00 on a $100,00.00 fixer-upper in an area where the most expensive homes are selling for only $135- $145,000.00
Showing Your Home

Always remember when showing your home that potential buyers are there to see the house, not your belongings. They must envision the space filled with their own belongings in it.

* Keep tables and counter tops clear
* Put away your knick-knacks, excess framed family photos, candles, collectibles etc…
* Open all window coverings to let in as much light as possible
* Be sure that the kitchen and bathrooms are spotless
* Make sure beds are made and no personal items are left in sight

I general, when showing your home, it should look homey but not too lived in.

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