There’s a passive income opportunity for those interested to invest in real estate. That’s via flipping houses. This strategy entails that you look out for market listings sold below their usual value. You will typically find these at auctions.
Another way to profit from flipping houses is by purchasing fixer-upper properties. These listings do not look desirable at a glance, hence affordable. They typically have dulled paintwork, leaky ceilings, faulty gutters, and what-not. With a little creativity and determination, you can turn these houses around. Before you know it, you have a real estate sweetheart that will make those in the real estate market outbid each other.
You have to be discerning about how to improve your fixer-upper. The goal is to increase its potential value without decreasing your eyed profit margin. In line with that, here are projects you can pursue to give your fixer-upper its much-needed makeover.
The first order of business is enhancing your fixer-upper’s curb appeal. If the property comes with a front yard, make sure it does not look like a jungle. Do minor landscaping projects to make the facade as camera-ready as possible. Install a stone footpath. Plant flowers. Whatever it takes to enliven the house’s exterior, do it.
You may also replace the old mailbox. Something as simple as updating the old house number with something decorative will do wonders for the house’s curb appeal.
Apply a fresh coat of paint
This is probably the easiest and least costly strategy you could do to make any fixer-upper look like it’s ready for new residents. Skip earthy shades or boring whitewash. Your goal here is for your fixer-upper to look alive and command attention. That’s something you pull off with bright colors.
Repaint everything if you have the budget. From walls to ceilings, do not leave a spot untouched. You’ll be surprised with what a new paint job can do to even the dullest looking house. In no time, your fixer-upper will look like it’s been to therapy, now ready to see the world.
Install new tiles
Most fixer-uppers look like they’ve been stepped on a lot. The tiles on their floors and walls appear like they had not been treated well by the previous owners. These tiles come with chips, molds, stains, and what-not. Get rid of them as soon as you can.
Replace them with new tiles that’ll make the house’s interior pop up. There are aesthetically pleasing and durable tiles out there that won’t cost you an arm and a leg. Begin your search online and compare prices.
Update the windows
Replace broken windows. They do nothing for the saleability of any property. On top of that, they pose a safety hazard. Your potential buyers won’t like that, even if the rest of the house has been made over expertly.
There are many types of windows to choose from. Eye that which is both cost-efficient and aesthetically pleasing. Single or double-hung windows are some of the better options. They require fewer materials and less complicated construction. That means they are more affordable.
Replace old carpeting and wallpaper
That old carpeting you found in your fixer-upper has gone through a lot. It’s probably seen things no sentient being should see. It’s absorbed stuff it’ll be hard-pressed to recall. The same goes for the wallpaper around the house. It’s likely soaked up stains from all sorts of wholesome and not-quite wholesome sources. Replace them as soon as you can.
Never invite a potential buyer while the house’s still harboring these relics from the past. Give your fixer-upper a new lease on life with vibrant wallpaper and shiny new tiles.
Fix the roof
No matter how pretty a house is, if the roof leaks, it’s useless. So do not neglect the health of your fixer-upper’s roof and ceiling. Remove any rust or dirt buildup from the roof. Make sure the gutters are working as they should. Spot holes in the ceiling, and have them fixed. Once you turn over that fixer-upper to its new owner, you can rest assured you won’t receive a call in the middle of the night about a leaky roof.
Investing in real estate proves practical to those with enough savings and looking for a passive income. But do not get into it blind. Learn as much as you can about the industry and partner with the best in the field. Keep in mind that like other types of investment, putting your hard-earned money in real estate poses certain risks.
But so long as they are calculated risks, you’re on the right track. All you got to do is play smart.