By Lonnie White
When flipping a house never underestimate the importance of conducting a thorough level of due diligence. Purchasing a home with the intention to flip it must always be with strategic intent. A buyer should be fully aware of the repairs and risks associated with the home prior to committing to such a demanding project. This is why it's crucial to develop a strategy capable of quickly and effectively identifying the necessary renovations required to rehab a home. In this article, we will be sharing an in depth "Fix n Flip" checklist to ensure you've addressed every aspect of your next potential investment property. Pay attention because these highlights will come in handy!
EXTERIOR:
Curb Appeal/Landscape
Concrete Work/Driveway Work
Foundation
Exterior Condition (Wood Frame, Block, Stucco)
Paint
Roof
HVAC
Septic
Sprinkler
Pool
Garage Door
Fencing
Patio/Deck Work
Windows
INTERIOR:
Paint
Drywall
Potential Layout Adjustments
Interior Framing
Flooring (Carpet/Hardwood/Tile/Laminate)
Cabinets
Counters
Fixtures
Appliances
Bathroom Counter
Bathroom Vanity
Shower
Toilet
Bathroom Mirror
Doors (Bed/Bath/Closet)
Trim
UTILITIES:
Plumbing
Water Heater
HVAC (Central or Window Units?)
Electrical (Is it Federal Pacific??)
FIX N FLIP HIGH $ RETURN TIPS:
Demolish walls separating the kitchen from the living spaces. Implementing this type of upgrade raises the ARV significantly.
When selecting the appropriate flooring, identify the flooring used in similar properties in the area. Always pay attention to the materials used in the comps to achieve the highest ARV while keeping spending low.
Invest in the kitchen!!! The kitchen will always be one of the most important selling points of a home. Kitchens yield the highest returns for every dollar spent.
Invest in the bathrooms!!! Again, investing in this area will always translate to a higher ARV.
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