Making the best flip for your dollar

One of the most popular choices for real estate investors is cosmetic rehabs—probably because they are so accessible.  Unlike gut rehabs that require major structural repairs like a new roof, for example, cosmetic rehabs need only minor repairs.  This post is written to divulge some easy, realistic pointers on how to flip a house without dipping into your children’s college fund.
 

I’ll start with paint which is incredibly cheap yet has the ability to alter an entire room’s ambience.  It can turn a dated property into someplace chic and classy.  Choose your paint colors, however, based on resell power and not on personal tastes.  (Save personal touches for your primary residence.)  The current trend for new homes is beige or tan walls with white trim.  I urge you to follow this example because your payoff will be big when it comes time to sell.
 

Take time when you paint.  Buy blue painter’s tape and tape of everything for a clear, crisp finish.  Never paint over hardware; always take off outlets, vents, etc.  If you don’t have the time or the inclination for this sort of detail, then pay for professionals.
 

The shape of a home’s floors also impacts the potential buyer.  Put yourselves in their shoes—is the carpet ratty? ugly? dirty?  You can fix such problems relatively inexpensively.  For example, if the carpet looks salvageable, try a deep cleaning and conditioning treatment—it can make the carpet look new.  And, if carpet is not working, there are plenty of imitation wood options which are simple to install, easy to clean, and look impressive once they’re laid.
 

And definitely do not neglect the importance of cleaning or of hiring a cleaning company.  Just like your thorough painting job, don’t settle for a surface clean. Believe it or not, a buyer can sense this sort of thing and a truly clean house increases the buyer’s confidence in that property.  To them, if the house is thoroughly cleaned, then it’s in great shape and the unseen features of the home (for example, electrical wiring) are more likely to be in great shape too.
 

While there are a lot of other things you can do depending on the particular property (landscaping, new front door, new knobs on bathroom cabinets, to name a few) these tips will put you in the lucrative direction of successful flipping.