Over the years, fix and flip projects have piqued the curiosity of many people. Because it is an interesting and fun way to make money in the real estate market, many investors are keen on trying rehabbing properties for profit.
Basically, the business of fixing and flipping houses involves the purchase and the rehabilitation of an old home. Once a rehabber finished sprucing up a house, he is expected to sell it at a higher price, which is usually near the market value of the investment property.
When you fix and flip a property, you really don’t have to spend a huge amount of money just to improve its looks. You also don’t have to spend a very long time on its repairs. Thus, to prevent yourself from being too emotionally involved in the property, always remember that you are renovating it to make a profit, not to win a home improvement contest.
There are cheaper ways to enhance the curb appeal of a fixer upper home. These methods are often overlooked by rehabbers, which are causing them to rack up big expenses.
One of the best ways to improve a property’s look without having the need to spend tens of thousands of dollars is to replace old doors. If your rehabbing project has old brown doors, you might want to cover them with glossy paint to make them stand out. You should also consider replacing them with a hollow core door, which costs about $20. Hollow core doors are made of lightweight materials and are a great alternative to heavy wooden doors.
Door knobs and handles can also significantly improve a house’s curb appeal. Most rehabbers fail to replace rusty and crusted door handles, which can greatly affect the appearance of a particular room. But for at least $10, you can buy handles with brass finishes, thereby adding a touch of elegance to your rehab project.
If the property has aluminum-framed windows, you should consider installing wooden window shutters because they add “character” to the property. Make it sure that you paint it with colors that contrast with the house’s paint job. For instance, if you use dark colors to paint the property, then you should paint the shutters white. There are many ways to cut your expenses when doing fix and flip projects. If you want to learn more, you can log on to www.REIWired.com. The website features interesting and entertaining articles, sound files, and videos about real estate investing and rehabbing properties.