November 22, 2017

Fix Up, Renovate, and Flipping Houses in the Phoenix Area

Phoenix AZ Fix Up and Flip Investment Real EstateBuying a home or property that needs a little bit of work is a great way to get instant equity for either fix and flips or holding onto is as a rental or primary residence. 

Depending on the extent of the repairs usually dictates the price.  We can help you figure out what repair work needs to done the home, how much it will cost and what price you should offer the Seller in order to get a great deal and maximize your return on investment.

We have been flipping houses for years and we will bring our home renovation experience to work for you.

The links below will give you direct access to homes listed in the MLS that note that they need some fix-up work.

With fixer upper houses you want to aim for the things that give you the most “bang for your buck.”  Try and get a three-to-one or two-to-one, at minimum, return on your money.  If you’re going to put a pool in your home for $10,000… make sure it will raise the value of your home by $20,000-$30,000.  Even if you’re just estimating and guessing – keep this formula in mind as a rule for safe investments.

More often than not it’s the small things that can create the biggest return on investment when fixing up a home so make sure you look at them first.  Trimmed landscaping, raked gravel, clean lights, fresh paint on a mailbox or front door may only cost you $100 if you do it yourself but could dramatically increase the value with a first impression.  Some other small fixup investments that may pay big could be:
    – New switch/outlet covers (less than $1 per piece)
    – New door knobs
    – New baseboards and 6 panel doors (typically $1,000 for an average sized house but can take make a dated home feel new)
    – New landscape rock or plants
    – New faucets
    – and general cleaning.

Of course you’ll have the big ticket items, like kitchens and bathrooms – but make sure you follow the three/two-to-one rule there also.  We had an investor client of ours pay $1,000 to put up a wall turning a 3 bedroom home into a 4 bedroom home and raised the value by $8,000! 

Bathrooms and kitchens are important, spend $3,000-$4,000 on a kitchen wisely on countertops, new appliances, lighting, sink/disposal/faucet and you could increase the homes value by $6,000-$10,000.  Make sure your changes are neutral and will appeal to the masses, you don’t want to limit your Buyer pool by putting in funky fixtures or countertops.

Depending on the fix up house, there are a list of items that can be done to increase the value and give you a great return on investment.  We are available to help find homes, analyze repairs/updating, and even help with the renovations if needed.

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