For some house flippers, the design choices made during the renovation process are the most enjoyable part of the business. For others, design is simply something they have to get. Whether you secretly wish you were an interior designer or prefer the work of buying and selling, the fact of the matter is that design choices can have a substantial impact upon your final ROI.
A large portion of your fix and flip funding will likely go into renovations, and making poor decisions while renovating can keep your investment on the market longer than it should be, drive away potential buyers, and eat away at your profits.
So when it comes to choosing which renovations are worth your while, where do you start?
Thankfully, Trulia has done some of that research for you. The real estate data firm has surveyed men and women about the amenities they find most appealing in a new house. Even more thankfully, it turns out that men and women are in total agreement about the features that matter most. While men value some features more heavily than women and vice versa, both genders agree right down the line on the order of the most important amenities.
At the top of the list is a great master bathroom. Potential home buyers tend to fall in love with double sinks, a separate shower and bath, and private toilet rooms. Walk-in closets were the next highest feature on the list. While big closets were more heavily favored by women, men seem to agree that more space for organization is always better.
A gourmet kitchen came in third on the list, which isn’t surprising given that recent studies have shown that families are now spending the majority of their time in the kitchen rather than living rooms or bedrooms. Kitchens are considered the center of a household, so a kitchen with great appliances, a lot of room, and great lighting are essential on any home buyers checklist. Further down the list, amenities that both men and women dreamt of included outdoor decks, swimming pools, home entertainment centers, and hardwood floors.
At ZINC Financial, our rehab loans can be used toward both the purchase price and renovations. We help our clients obtain the funding that they need quickly so that they can stand above the competition and move forward with their projects at a fast, profitable pace. Learn more about our house flipping loans and other financial services by contacting ZINC Financial today at 559.326.2509.