5 Fix-And-Flip Renovations With the Highest ROIs
New to the Fix and Flip process? What renovations will give you a better return on your investment? Let’s go through the renovations that have the most enduring ROI for your fix-and-flip, along with some tips on how to do them well.
1. Kitchen Countertops
Newly-renovated kitchen countertops are sure to increase the home’s overall appeal, depending on the home’s current features and your budget. These days, homeowners want to use their kitchens as a place for gathering. As a result, many buyers are looking for an open-concept kitchen with newer features.
Improving countertops can deliver a good bang for your buck, but don’t believe someone that tells you only granite or marble will do. New synthetic stone offers a great look and is easier to clean and maintain. These durable countertops can offer an ROI ranging from 60-80%.
So many homeowners are looking for a move-in-ready home — and that desire extends to the home’s outdoor spaces. Improve landscaping by adding mature plants, trees, and new grass. This helps increase curb appeal while sending a message that the home is ready for new owners.
3. Bathroom Upgrades
You don’t need to make huge updates to see some real ROI on your next fix-and-flip. Even something as simple as replacing older bathroom fixtures with sleek chrome alternatives or adding a new faucet can offer an ROI of 93.5%. These fixtures should be timeless and can make even the simplest cabinets and vanities look new again. Remember, it’s all in the details.
4. Lighting Fixtures
Adding new lighting fixtures is a great way to quickly modernize your fix-and-flip in both aesthetics and performance. Installing new LED and smart lights can help to attract buyers who prioritize environmentally friendly features. This also makes your property look and feel more updated. With a few simple lighting fixture upgrades, you can improve the ROI of the entire property.
5. Interior Paint
Many renovations can add value to your home, but one that offers a high value for money and effort is updating interior paint. If the property that you purchased has dated or damaged paint, adding a neutral new coat throughout the house can enhance its value. This type of project costs an average of $967 (depending on the size of the room and paint quality) but offers more than a $2,000 increase in value. That’s a 107% ROI!
Fix and Flips can often become a very costly process. Knowing what renovations will bring more money to the table is incredibly important.