A house is often the biggest and most important asset that a person gets ownership of after years of saving money and paying off loan EMIs. Investing money in a house is a recommended source of investment as real estate prices generally tend to rise over the years. Buying a house ensures that you will get a good return on the money you have invested. This is perhaps why home flipping is gaining popularity today.
A house’s cost increases in line with the increase in popularity of the market and location. But did you know that there are certain ways through which you can increase the cost of your house even more? If you are planning to sell your house, it would be a good idea to make some changes to drive up its selling cost.
Here we have listed out some of the best and easiest ways how you can make the most out of a home flipping business plan.
1.Remodel the house to make it look more beautiful
The most obvious way of increasing the house’s cost is, of course, to make it more beautiful and attractive so that any prospective buyer falls in love with the house at first sight. You can hire a professional to inspect the house. He will assist you and highlight the areas which need remodeling. For example, you can start with basic things like painting the walls that can instantly brighten up the house.
Further, you can even go for an upgrade of the Kitchen and the Bathroom. Statistics show that both the kitchen and bathroom remodeling give major returns on investments and add significantly to the overall cost of the house. If you are a bit short on budget, you can even go for basic remodels of the kitchen and bathroom rather than a full-out makeover.
To enhance the exterior part of the house, you can contact a professional landscaping artist and invest a little money in giving your house a neat and attractive lawn and porch area.
2.Renovate the house to reduce maintenance expenditure
Any prospective buyer who comes to view the house will pay close attention to whether he would have to incur any additional cost immediately after buying the house in repair or renovation work. This is a potential negative point for your house which will land the ball in the buyer’s court and may force you to drive down the price.
However, if you just pay some attention to some of the basic structures of the house such as the roof, windows, flooring etc. and make sure that they are in perfect condition without need of immediate repair, it can be a major selling point for you. It would also be wise to check for mold, especially if you had a recent leak in your house or experienced a flood. If you can smell musty odors indoors, so can potential buyers. It’s best to check and fix the problem because it will surely reduce the price of your house which is the opposite of what you want. You can also make your house more low-maintenance by introducing hardwood floors instead of traditional carpeting and vinyl siding instead of wood siding.
3.Make the house more energy efficient
Energy efficiency is a big feature that many home buyers look for in the houses. Houses that have electrical fittings and equipment that are proved to save energy are called energy efficient. For example, if you have LED lights, double paned windows along with appliances which have a five-star rating for energy conservation in your house, you may call your house energy efficient.
Installing solar panels on the roof is also a great way of making your house even more energy efficient which can increase the cost significantly. Moreover, with an energy efficient house, you will have a higher chance of attracting buyers who want to take benefit of the Energy Efficient Mortgages or EEMs.
4.Equip the house with smart devices
A modern house is one which is equipped with all the latest tech available in the market. Security cameras, a top of the line water purifier, thermostats and individual air purifiers for each room are only some of the appliances that prospective buyers are sure to get swayed by.
These appliances not only make the house more smart and attractive but also leads to an increase in its cost as compared to a similar house which does not have these smart devices. The best part is that it won’t take a lot of money to get these devices installed in your house but will play a significant role in determining the final cost of the house.
5.Increase your house’s square footage
The market rate or cost of a house is determined primarily on the basis of the square footage of the house. If you thought that there is no way you can actually may your house bigger without bringing down the walls, you were wrong.
The best way to increase your house’s square footage is to add an additional room on the roof which will instantly increase the cost of the house. You can also invest in building a porch or a functional basement to increase the space inside the house.
Keep the tips mentioned above in mind, and we’re sure, you will be able to scale up the cost of your house.