The real estate market is a tricky beast. Homeowners all across the United States must contend with the market’s finicky pricing structure and unpredictable twists and turns. New homeowners quickly find that the buying experience is rife with uncertainty and stress. But the ability to call a property truly your own is something unrivaled in emotion and pride; the ability to make unlimited alterations to your home without consequence or the requirement to revert to the original state after a year or two is an amazingly freeing feeling. Renters who have recently become buyers often don’t know where to begin when it comes to hiring contractors or remaking the home in their image.
Homeowners in the United States are firmly committed to the lifestyle of renovation. We spend a collective $400 billion annually on home improvement projects, and this trend shows no sign of slowing in the years to come. Real estate investors are particularly partial to the trend. Renovation projects are a favorite for those engaged in house flipping. In truth, the property market is a fantastic place to create long term wealth, and tips on how to flip a house for maximum profit exist all over the internet and among friends.
Those looking to make their first foray into the house flipping market are sure to experience some setbacks as they learn the ropes. Still, by doing your research before getting started, you can skip over many of these harsher lessons by learning from others’ mistakes and triumphs. The first lesson that many cite is to rely on durability when considering home upgrades.
Start with the long-term fixtures.
Appliances and fittings that are likely to last a long time are often the first port of call for those looking to create a maximum profit on their investments in the real estate market. Air conditioners, roofs, and stovetops are a great place to begin because they all enjoy a long life. Air conditioners typically last fifteen or more years, but the units live outside in the elements. They can often die long before this expiration date if previous homeowners didn’t keep a careful eye on the air conditioner unit.
A replacement isn’t typically cheap, but the staying power of a brand new air conditioner will help you increase the home’s resale value in an instant. Air conditioners are durable units, and a new one will make for a valuable property that many interested buyers will flock to.
Move into luxury territory.
Many house flipper pros and real estate agents will suggest a few targeted, durable luxury upgrades with a contractor that you trust at the helm of your project. Granite countertops are a favorite among homeowners and buyers alike. This is because the durability factor is off the charts. Stone countertops made of polished granite or marble add a beautiful look to kitchens and bathrooms, and they will last for decades if taken care of right. In fact, a custom-cut marble countertop is likely to outlive the home itself if you treat it right.
Luxury upgrades are a great way for flippers to do up a kitchen in a hurry. Real estate investors love these projects because it allows them to cash in on serious resale value. The more homes you flip, the better acquainted with contractors and high-value renovation projects you will become. This means that you will become better able to spot hot properties as they hit the market and jump on new opportunities without hesitation. Durability acts as a key to all your future successes, so you shouldn’t take it lightly. It can make a major difference.