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When flipping a home should you renovate all out or just do lipstick and get it back on the market as soon as possible?
Been having this debate a lot lately: When flipping a home should you renovate all out or just do lipstick and get it back on the market as soon as possible? I recently had 2 investor clients flipping properties at the same time. One of them went all the way renovating everything top to bottom and using high end finishes. The other just changed out the main things like flooring, new paint, and new appliances, but left some things for a new buyer, such as old cabinets and AC. The fully renovated home sold right away for full asking and the partially renovated home sat on the market for a while and sold for less.
Even though inventory is still relatively low, buyers are very spoiled right now. They don’t want to do any of their own renovations and want move in ready. So my advice when flipping properties? Go all out and make it so the buyer only needs to bring their clothes and toothbrush!
What’s your vote?
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By Ben FiemanBeen having this debate a lot lately: When flipping a home should you renovate all out or just do lipstick and get it back on the market as soon as possible? I recently had 2 investor clients flipping properties at the same time. One of them went all the way renovating everything top to bottom and using high end finishes. The other just changed out the main things like flooring, new paint, and new appliances, but left some things for a new buyer, such as old cabinets and AC. The fully renovated home sold right away for full asking and the partially renovated home sat on the market for a while and sold for less.
Even though inventory is still relatively low, buyers are very spoiled right now. They don’t want to do any of their own renovations and want move in ready. So my advice when flipping properties? Go all out and make it so the buyer only needs to bring their clothes and toothbrush!
What’s your vote?