These are the things you need to know when remodeling a home.

As part of our Fix and Flip series, today we’re going to talk about remodeling. Once you have the property under contract and the closing is complete, it's time to start the remodeling process. This is a crucial stage because the success of your flip largely depends on choosing the right upgrades.

When it comes to our typical fix and flip projects, we assess whether there are opportunities to recapture square footage or add value through additional structures like detached buildings or laundry rooms. It's crucial to carefully evaluate the property and identify areas where we can create more value.

“Develop a solid plan in the beginning and ensure consistency throughout the remodeling process.”

In some cases, we have found that subtracting square footage can increase the property's value. For instance, removing a poorly done patio enclosure can be a smart move. It's important to thoroughly inspect the property with the contractor and make informed decisions.

One of the biggest mistakes a flipper can make is overspending on materials and finishes, which can significantly drive up the remodeling costs. It's essential to be mindful of the budget and avoid over-renovating. While there are affordable options available, paying attention to the final touches is crucial for creating a desirable end product.

Prematurely listing the house can be a major mistake. If the remodeled part of the house doesn't match the rest of the property, it can diminish the overall appeal. That's why it's important to develop a solid plan in the beginning and ensure consistency throughout the remodeling process.

With over 50 years combined experience, we would be happy to answer any questions you have and give guidance on your fix and flip projects. Feel free to call, text, or email us at (480) 267-9302 or Office@GoodCompanyRE.com. We’re always happy to help.