In a recent National Association of Realtors report, about 5.64 million homes got sold in the United States. That means the real estate market is still ripe with opportunity.
When it comes to investing in properties, many people consider flipping houses. This practice involves purchasing a property, renovating it, and selling it for a profit. However, while it may seem like a simple process, there are quite a few things that you need to take into account to be successful. Here are a few easy ways that you can flip a property and boost its market value:
Pay attention to the exterior
The first thing potential buyers will see is the property’s exterior. According to the Wall Street Journal, a home’s exterior attractiveness accounts for about 7% more of the sale price. That means if you can make simple changes to the house’s curb appeal, you can increase its value significantly. But which changes should you make?
Powerwashing the walls
One of the most important things to do is to powerwash the exterior. This process will remove any dirt, grime, or mildew built over time. You can do this task yourself or hire a professional. Either way, it’s an easy and effective way to improve your property’s appearance.
Adding a fresh coat of paint
Another thing you can do to the exterior is to add a fresh coat of paint. It will help to increase the curb appeal further and make the property look more attractive. If you’re unsure what colors to paint the exterior, you can consult with a local designer. They can give you color recommendations based on your market, thus increasing your chances of selling the property quickly.
Replacing damaged doors
Your entryway is one of the essential parts of your property. It makes the first impression and can affect your home’s energy efficiency. So if you have old or damaged doors, it’s time to replace them. Many home improvement stores offer high-quality residential and commercial entry doors with modern features. It’s a significant investment that will pay off when you sell the property.
Fixing the landscaping
Another way to make your property more attractive is by fixing the landscaping. It may involve removing dead plants, trimming the hedges, and mowing the lawn. Adding new plants or flowers to brighten the area is also a good idea. These changes will make a big difference in the overall appearance of your property.
Upgrade the furnishings
A potential buyer’s first impression of your property doesn’t stop at the curb. Once they step inside, they’ll form an opinion based on the furnishings. If you have old or outdated furniture, it’s time to upgrade. Many companies offer affordable furniture packages that can transform your space. It’s a small investment that can go a long way in making your property more appealing to buyers.
However, be careful not to overspend on the furnishings. You want to make sure that you stay within your budget so you can still make a profit when you sell the property. So before you start shopping, create a realistic budget for the furnishings. In doing so, you can avoid overspending and make your property more valuable.
Incorporate modern features
More and more homebuyers come from a younger demographic. That said, they’re looking for properties with modern features that fit their lifestyle. So if you want to attract this type of buyer, you need to incorporate trendy elements into your property.
One way to do this is by adding smart home technology. You can install devices that allow the homeowner to control the lights, security system, and temperature with their smartphone. This type of technology is becoming increasingly popular, so it’s a great way to make your property more appealing to buyers.
Another way to add modern features is by incorporating energy-efficient appliances. Homeowners are looking for ways to save money on their utility bills. So if you can show them that your property has energy-efficient appliances, you’ll be more likely to attract their attention. Besides, these features come at an affordable price range. You can make your property more valuable for as little as a few hundred dollars. That’s a small price to pay for the chance to increase your market value.
The above are just a few easy ways to flip a property and boost market value. Following these tips can make your property more appealing to buyers and increase your chances of selling quickly. So if you’re ready to take your real estate business to the next level, put these tips into action. You’ll be glad you did.