When you buy a home with the intention of flipping it for profit, you don’t have to do a full-scale renovation in order to make it profitable. There are a few elements that you can fix and change around the property that will spruce it right up and get it move-in ready – FAST!
Just make sure you stick to the 70% rule: don’t buy a property for more than 70% of the after-value repair minus the repairs that you need to make.
Follow the following advice for making the most out of your flip investment and you can get it rent to rent in just a few weeks, with minimal money spent.
Give everything a fresh coat of paint
Dingy walls can make a home feel like it’s been lived in and not taken care of. Your tenants want to move into a property and feel like they are the first people to ever spend a night there! Having little signs of previous tenants or owners could make them feel uncomfortable.
Bright, neutral colors are usually the best colors to paint rental properties. They make the space feel open, modern, and clean.
Install new carpeting
Don’t waste time and money getting the carpets in the house professionally cleaned, especially if they have a ton of stains. Rip everything up and give your next tenants some fresh, allergen-free flooring to enjoy.
Hire a professional cleaning service
As previously mentioned, tenants want to feel like they’re the first people to live in a property, even if they know they aren’t. A professional cleaning service will get into all of the nooks and crannies of the house and appliances, so the space looks brand-new.
Give the exterior some love
Curb appeal is a big deal to renters! They want to feel proud of their home when family and friends come over. An unattractive exterior could deter a renter right from the get-go. Hire a professional landscaper to spruce up the lawn and hedges, perhaps plants some flowers and shrubs, and take care of any cracked or broken pavement.
You may want to consider painting or power washing the exterior of the home, so it looks fresh and clean for your new tenants.
Light fixtures can make an older home feel decades newer! You don’t have to go for fancy recessed lighting or pricey modern fixtures. Just replacing old, worn out fixtures with new, clean ones can make all the difference.
Get new kitchen appliances
New kitchen appliances are among the most important things to renters. Not only will they feel confident that they won’t have to deal with it breaking during their lease, but it might also mean that they pay less in electricity bills as most new appliances are eco-friendly.
Hire a rental management company
The best rental management company in your area will help you get your flipped property move-in ready. Rental management companies know what renters are looking for, can refer you to excellent contractors, and take care of your property while you’re busy tending to other life matters.
Call Moon Ridge Management for help managing your flipped rental property in Maryland!