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7 Change old switch plates
Nothing ages a property more than old, outdated and yellowed switchplates. You can hire an electrician or do it yourself if you have the skills. Dimmer switches in dining rooms, eat-in kitchens and living rooms add an inexpensive and nice touch.
8 Install crown mouldings
Adding crown moulding is a non-structural change that can reinvent any interior. Avoid the cheaper versions from large hardware chains that you can install yourself; they may save you money, but will look cheap. Make sure you choose a crown moulding of significant size that matches the style of the house, and make sure there are no visible seams once installed. Also, if you re-do crown mouldings, consider adding new baseboards as well.
9 Modernize lighting
Pot lights run about $100 and up, making them a high-return investment. Consider adding new chandeliers in the foyer, dining room and kitchen. Check a large hardware chain for knock-off versions of designer fixtures that you can purchase for a fraction of the cost.
10 Upgrade plumbing and electrical
If you can afford it, the cost is well worth it, since the buyer will likely ask for more credit back on the purchase than an electrician and plumber would charge to complete the work beforehand.
Finally, make sure you have a savvy real estate agent on board who knows your specific neighbourhood. Make sure that the changes you make bring your property up to a similar level to the competing properties in your neighbourhood. Also, be aware of fluctuating markets. Don’t assume that a property that sold in your neighbourhood a year ago will yield the exact same price.
Remember the goal to flipping is to make money. Be realistic about profit margins before you begin. You can’t sell a million-dollar home in a moderately priced neighbourhood where homes go for a maximum of $600,000—no matter how much marble you use.
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2 Comments
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