Flipping houses trends you need to understand
There is nothing worse than putting thousands of dollars and time and effort into a house and then have it sit on the market because it doesn’t have the one thing every other house on the market does. Here are a few things to remember as your looking at what your flip needs.
1) Beware the Pinterest Rabbit-hole
There are thousands of cool design ideas out there in the world, and it’s really tempting to browse the web or magazines and come away with a 3 inch binder stuffed to bursting with things your flip just has to have. And while there are many wonderful and beautiful ideas for what to do to with a house, remember that this will ultimately be someone else’s home.
Design Choices can be overwhelming, and very personal – and while it can be so fun to fill every nook and cranny of your flip with ideas lifted right out of the Pinterest – just remember that those kind of projects can be more effort than they are worth.
Instead: Choose 1 or 2 design features that will make your flip pop. It’s much easier to have one or two really memorable features that you can showcase in a listing that will stand out to buyers – rather than create an overly unique house design, blow your budget, and potentially scare away customers.
2) No one wants the Smurf Blue House
Imagine this: you’ve completed your house. On schedule and under budget and now its listed appropriately for the neighborhood. You’re all set, but it sits, and sits, and sits. Lots of showings, but no offers. WHY? Maybe its because you are the only bright blue house in a neighborhood full of white houses.
Standing out is not always a good thing. Even with no homeowners association a house that is drastically different from the rest of the neighborhood will not sell, because no one wants to move into the ‘neighborhood eyesore.’
Instead: Find the neighborhood theme. When you are researching a house to flip a good strategy is to take a drive through the neighborhood. Pay attention to landscaping, Curb Appearance, House Color, ect… What themes do you see in the neighborhood? So its important to find the theme of the neighborhood and make sure to hit those points. Does everyone have a Sunporch? Asphalt Driveway? Shallow moat filled with Alligators? Put those on your to do list because those items are what will keep your finished flip comparable.
3) Write Offers
At the end of the day we need to remember that design is a finishing touch, and we have a bottom line to meet. Buying a distressed property means there are some important issues that need to be addressed, whether they are structural problems or replacing outdated systems, which will literally keep your house from selling. That farmhouse sink might be the perfect statement piece in your new kitchen, but it should never come at the expense of fixing an old roof.
Instead: Line Item your Budget. Nothing helps the decision making process more than knowing exactly what everything costs. Getting all the details down at once give you a good picture your areas of focus in your flip. As the project moves forward and the scope of work inevitably changes, you can return to your line items and tinker with that before needing to invest more money and hurt your bottom line.
Here at MDI West Properties we are proud to work with Partners whose hard work and skill have created beautiful homes all across the country. To join them, and learn more about our Joint Venture Program, visit us at our website: mdiwest.com.