If you’re flipping an investment property, you will want to be smart about your renovation budget. For a flip, every dollar counts as we consider the resale value of the home. By thinking practically – rather than emotionally – about the best places to invest in your renovation, you can create a look that appears to have a high price tag, but was achieved for only a small investment.
Flipside Homes specializes in helping property investors flip homes and condos with well-managed home renovations in Vancouver and area. Use the tips below to plan a profitable renovation on your investment property.
Renovate the kitchen
A renovation to the kitchen, even on a budget, almost always results in a higher resale value for the home.
Although kitchen renovations can be expensive, they can also be done well on a tight budget. Here is how.
Update the hardware
New kitchen hardware instantly updates the space. Look for modern drawer pulls, handles and hinges at your local hardware store, or talk to a renovation project manager about using their supplier discount in your favour.
Replace the countertops
Countertops that are burned, stained or peeling make the kitchen look dated and don’t show well to buyers. Replace them for an impactful change to the look of the kitchen. Consider materials like concrete, quartz or stainless steel for the countertop material.
To save costs, refinish the countertops, rather than replacing them. There are peel-and-stick materials available, as well as materials that need to be sanded and refinished. You’ll find some great ideas here.
Replace the cupboard doors and drawer face plates
Nothing says kitchen facelift like beautiful new cupboard doors and drawers. This is an affordable and simple way to refresh the look of the kitchen and modernize the space, which will instantly appeal to buyers.
Install new appliances
Look for sales and discounts at stores that sell home appliances, or talk to your renovation project manager about using their supplier discounts to your advantage. Doing your research and comparing prices goes a long way toward saving sometimes thousands of dollars when replacing kitchen appliances.
Skip the backsplash
Save money by not installing a new backsplash. Tile can be expensive, and many buyers won’t notice that the kitchen is without a backsplash.
Renovate the bathroom
Bathrooms and kitchen renovations generally provide the best return on investment. Low-cost, high-impact upgrades to the bathrooms in your investment property tend to pay off.
Replace the flooring
Inexpensive flooring shows wear and tear quickly, and makes properties look outdated. Therefore, we often recommend that homeowners looking to flip a property replace the flooring. There are endless options available, from low-cost vinyl planks that mimic the look of hardwood, to laminate and real hardwood.
Your renovation project manager can provide the best insight on which option to choose for your investment property.
Paint
The quickest and most cost-effective renovation you can do is to paint the entire home. Refresh every room with neutral paint colours that are likely to appeal to buyers of any taste. Painting is always worthwhile.
Update the trim
It’s a feature that is often overlooked, but the trim around the doors and windows of the home or condo are a visual cue as to the age of the property. Trim can be easily replaced and doesn’t cost much. Like paint, it is a quick solution that makes a big difference to how buyers will perceive the property.
Avoid building permits and renovation permits
Not only are city building permits and renovation permits expensive, they can take months to be approved, which is not ideal for flips on a tight timeline. This guide will explain which types of renovations could trigger the need for a building or renovation permit.
A renovation project manager, like the team at Flipside Homes, can help guide you through your investment property renovation to manage costs, timeline, and ensure that your renovation complies with municipal bylaws (as well as the BC Building Code). Looking for a company that is experienced in home renovations in Vancouver, including flips? Get in touch today!
