4 Tips for Flipping Older Properties
Home flipping often involves homes that have seen a few decades and better days. In fact, the best purchases usually involve homes with good bones that have had time to sag and peel over the years. By making these houses both beautiful and cozy again, you can drastically increase your returns with the right renovation choices.
1) The Old Home Checklist for Flippers
- Caulking and Weather Stripping
- Major Appliances
- Kitchen Appliances
When selecting and planning to flip an old home, always run down the checklist of major maintenance and upkeep issues. Older houses tend to have some predictable problems that – when you are aware of them – are easy to plan for.
2) The Health and Safety Update
With your checklist notes in-hand, start with your health & safety update needs. Does the house need new wiring or outlets for safe use? Are the pipes about to rust through or leak heavy metals? Do the fixtures leak, do the lights flicker? Is the roof within 5-10 years before needing a new replacement?
These essentials are the majority of what home flipping can do to bring an old home back into the move-in-ready housing market.
3) The Energy-Efficient Makeover
Next, address the home’s energy efficiency. Modern homebuyers know how to check for those little details like rattling windows and whistling door frames. These are also easy and affordable things to fix. Re-caulk the windows (and the bathrooms, while you’re at it). Put new weather-stripping on all doors and on windows that open. Add more insulation to the attic and, if you open any walls, add or replace insulation there, as well. Just properly sealing the house can make a big difference in it’s subtle comfort and long-term appeal.
4) The Technology Upgrade
Finally, consider the in-home technology. The HVAC and water heater are top priority, followed by the kitchen appliances and an included washer/dryer set. New appliances are the key to transforming a kitchen and winning over modern buyers.
If you have some extra time and budget, consider a few integral smart upgrades like a keypad door lock, smart thermostat, and wifi-responsive garage door opener to really enter the competitive market with your flipped transformation.
Old homes are a home flipper’s bread & butter. Once you master transforming an older, shabby house into a beautiful modern-feeling home, you’ll start seeing the resale revenue you got into the industry for.