So you’re ready to move forward with your next fix and flip investment, and you’re especially excited about building a beautiful kitchen. But before you start construction, here are five things to keep in mind to maximize your returns while making sure you build something truly spectacular.
- Materials Matter
If you’re focusing on the kitchen for your next fix and flip, keep in mind that materials matter - you don’t have to break the bank to make the room aesthetically pleasing. For example, you can install a metal sink instead of porcelain or white cast iron. Metal will be cheaper and can be done much faster, as a metal sink is more likely to be kept in stock than other options. For flooring or cabinets, you can also consider wood laminate instead of wood - the quality is nearly the same, but laminate is significantly cheaper than real wood.
- Keep It Family Friendly
Remember that if you’re fixing and flipping a home in a residential area, the next owners might need something family friendly. That means making sure there aren’t any explicit risks to kids: Your kitchen counters should have rounded edges, any outlets should be grounded and kept a safe distance from any water sources, and the floor should be slip resistant. These easy steps will help broaden your potential pool of buyers, and add value for anyone looking for a safe home in which to raise children.
- Go Green
Modern home buyers are more concerned than ever before with environmentally friendly living - and it all starts in the kitchen. If you’re going to replace any appliances, try to replace them with energy-efficient ones, as this will increase your return. Energy-efficient appliances use less energy and save money for future homeowners. They’re also, more environmentally-friendly and will ultimately increase the return on your next fix and flip.
The same goes for lighting: do your research when picking out lights to make sure you pick an option that can cater to your specific needs while still being environmentally-friendly. Also, use natural lighting whenever possible - it makes the room feel more open and can seriously cut down your electric bill.
- Consider the Entertainer
Whether it’s a cocktail party or a five-course meal, the modern homeowner does more and more of their entertaining in the kitchen. Building an efficient kitchen layout that makes the most of the space will not only make the home more livable, but more valuable, too. If there isn’t enough space in the kitchen area as is, you could even consider knocking down a wall.
Whatever it takes, perfecting your kitchen is essential to getting the most value out of your fix and flip, and makes the property much more attractive for both dining and entertaining.
- Get a Fix & Flip Loan That Meets Your Needs
Fix and flips can be a great source of income if you’re willing to put in the work to find the best source of financing - and that’s where we come in. Walnut Street Finance has been helping buyers buy, renovate, and resell homes for nearly 20 years, and can help you secure the financing you need to turn a healthy profit on your next fix and flip. Our loans come with decades of knowledge and industry experience, and we’re committed to helping your project succeed.
When it comes to any real estate investment project, there are plenty of ways to save money and increase profits. But at the end of the day, the most important step will always be securing a great fix and flip loan from a qualified lender.