The real estate market is hot right now, and if you are in the business of flipping homes, it is crucial to stay up-to-date with trends in homeowner preferences. We have compiled a list of 2021’s top tips to flip.
As more buyers enter the market looking for their next home, it is essential now more than ever to keep up with buyer trends. The COVID-19 pandemic created new buyer preferences that may conflict with trends from 2019 and earlier. It is vital to stay up to date to ensure your flipping business continues profitability. At HIS Capital, we have compiled a list of the biggest trends in the house flip market.
Close Those Floorplans
One of the most significant changes that we see in buyer trends is increased privacy. While open floor plans rose in popularity in the 2010s, the trend is ending. This is a result of more buyers looking to use extra space for home offices. While we do not suggest blowing your budget on a complete remodel to close a floor plan, there are a few simple tips you can use to add some privacy to your flip.
- Properly staging the house. One of the best ways to close a floor plan is with proper staging. If there is not an office space, consider making one when staging a property. Adding simple pieces of furniture like bookshelves will close off open spaces and give more privacy.
- Paint the walls a neutral color. We suggest light and neutral colors, such as a warm gray or a cool beige. Flippers should stay away from white as it easily shows dirt, marks, and miscellaneous wear and tear. Although it is trendy to add splashes of bright colors, neutral colors tend to appeal to a broader audience.
- Turn an extra bedroom into an office. Buyers are looking for 2- and 4- bedroom floor plans right now. If you purchase a property to flip that has five or more bedrooms, consider turning one of the bedrooms into a permanent home office.
Automated homes that were once a dream of the future have arrived. If you have not added these modern marvels to your home flips, it is time to incorporate them to increase your bottom line. Buyers today expect to purchase a house preloaded with features like mobile-controlled HVAC, security, lights, and more. When renovating fixtures in a home it is important to consider potential smart updates. One important thing to consider is the brand you choose for automation. The brand should run as universally as possible across all the home’s functions. Ensuring homebuyers can access all their home’s smart features from one app shows you took the extra time to plan.
A modern keyless lock will give a good impression to buyers looking for those modern touches on their new home. These improvements are low cost and an excellent option for micro-flipping. A few of the top items that we recommend updating include:
- Smart locks – As mentioned above, smart locks are a great way to give off a modern first impression.
- Smart HVAC panel – These upgraded HVAC panels do not mean costly updates to a home’s HVAC system. In most cases, an electrical AC panel can be changed out for a smart panel.
- Smart lights – These are an easy upgrade, as the ballast does not need to be changed often.
- Smart outlets – If you have to replace outlets in a house, this is an especially great addition to a house flip.
Improve Curb Appeal
First impressions are everything. A low-cost trick to increase your flip’s profits is improvements to curb appeal. This can be as simple as improved landscaping and replacing siding that is old or outdated. Florals boxes and additional greenery make a considerable difference, enhancing and brightening curb appeal within hours.
Replacing the mailbox is another cheap upgrade to a house that needs improvement. If applicable, another quick fix is updating any external shutters. It is unbelievable what a fresh coat of paint can do! Looking to splurge? A custom garage door provides an elegant and luxurious look, improving the home’s curb appeal immensely.
It is of vital interest to homeowners that they are saving on heating and cooling costs. Energy-efficient appliances and windows are a must-have in modern-day homes. It increases the home’s value and is an essential element considered when buying. Vinyl or aluminum windows are a consistently popular choice amongst flippers and home buyers. Further, drafts and leaks can occur with roof damage. Make sure to take care of any shake roof repair! Not only does a newly installed roof increase the value of a home, but even essential repairs can also increase that price tag.
Matt Lee is the owner of the Innovative Building Materials blog and a content writer for the building materials industry. He is focused on helping fellow homeowners, contractors, and architects discover materials and methods of construction that save money, improve energy efficiency, and increase property value.