Turning a Fixer-Upper into a Lucrative Investment
Fixer-uppers can be a stressful investment if you’re not sure about what you’re doing. We all want to make as much money back as possible, but hundreds of decisions have to be made before you can get to that step. These are the steps to making a major profit off of your property and what clear mistakes you should avoid. 1. Planning Comes First Make sure to plan as thoroughly as possible before you start your project. This means considering how long you want this to take, how much money you’re willing to spend, and which areas are non-negotiable. Nonnegotiable areas would be like replacing a sagging roof or fixing a messed up electrical system. These have to be done for the home to pass an inspection and are the bare minimum. Planning gives you time to pick the best options and possibly get some deals along the way. 2. Prepare For The Mess Any renovation project is going to cause more mess and trash than you could imagine. This means you need to plan ahead and look into residential dumpster rental and some protective masks, tarps, gloves, and possibly helmets, depending on how intense the remodel is. Try to consider cleaning along the way so you don’t have to complete a major cleaning job after everything else is completed. 3. Source Your Materials Carefully What materials do you want to use? Are you seeking sustainability, or are you more interested in finding the best way to waterproof basement spaces, regardless of materials? Either way, you should look for high-quality materials that are built to last. Taking shortcuts and trying to save money here will just result in a lackluster property that buyers won’t be interested in. 4. Consider How Far You Can DIY DIY-ing is a great way to save money. Contractors are incredible but can get pricey if you’re not prepared. Unfortunately, fixing an issue you shouldn’t have DIY-ed can be even more expensive. There’s a thin line you’ll need to straddle between what you can do and what you should do. Don’t let yourself waste money trying to complete an upgrade that’s outside of your capabilities. 5. Deep Clean Before Listing This feels like an obvious point, but deep cleaning your property is vital if you want to sell quickly and for more money. Buyers want to picture their lives in the homes they’re looking at, and it’s harder to see that vision if they’re looking through layers of grime and dust to get there. Deep clean from the top down and outside to inside. This means starting with your gutters and getting curb appeal in order before moving inside and starting with fans and lighting fixtures. Buyers will be excited to think about moving everything they own into the house immediately, and you’ll be able to rest easily knowing dirty grout isn’t going to keep you from selling for top dollar. 6. Look Into Highest ROI Projects Return on investment is one of the largest things to consider. You want to make sure the money you’re putting in is worth it and won’t immediately vanish into the property. Small things, like doing a minor kitchen remodel instead of a major one, are a good place to start, but so is seeking out higher ROI projects. Replacing an old garage door is one of the highest ROI projects you can complete, but there are dozens of others that can make positive changes. Updating an older roof, adding in-ground drainage, and even updating to a more energy-efficient HVAC system are all changes that can boost value and get buyers running to the property. Some projects, though, like finishing a basement or garage, can end up with wasted money. Although you should consider making a home-office-specific space in the house, you shouldn’t spend more than 10% updating any one area of the property. 7. Don’t Fall For Short Lived Trends There are some projects that are timeless, like modern fireplace design ideas, but many are quick blink-and-they’re-gone trends. When you’re upgrading your property, it’s vital that you can recognize the difference between the two. Look at projects and consider what they’ll be like in twenty years. Do you really need to make this kitchen all-white, or has that trend been out for a couple of years already? Do you really need this era-specific wallpaper, or is that going to have to be taken down in one or two years? Focus on lasting impact that will make a large difference instead of little gimmicks that will age quickly and poorly. Your Fixer-Upper Can Become a Dream Home Whether this is the first home renovation you’ve ever worked on or you’re interested in improving your skills, you’re not alone. Follow some of these tips, and check out Franklin Investment Realty to fix your fixer-upper! Author Bio: Sam Willis is a freelance writer that loves sharing his knowledge and expertise in residential and commercial real estate, as well as engineering and construction. He lives in Atlanta, Georgia where he enjoys spending time with his wife and researching real estate trends in his free time. Sam’s work as a freelance writer can be found on Building Product Advisor, a construction industry resource site.
Choosing The Best Building Materials for Upgrades
Upgrading any part of a property is extremely exciting! Not only do you get to build it to your specific needs and wants, but you also get a chance at a great return on investment. How do you pick your supplies, though? Whether this is a minor remodel or a major overhaul, this is everything you need to know about your supplies before you get started. 1. Working in the Kitchen When working in a modern kitchen, you may feel inclined to use a lot of white and bright colors, but that’s not the best go-to as we move into the second half of the 2020s. Buyers are seeking out natural wood colors, which means you can easily create a stunning and sustainable kitchen while keeping on trend. Bamboo, beech, and cedar are incredibly popular wood types right now. Remember that the more local a kind of wood is, generally, the more sustainable it is. Local native wood will also help your home feel like it fits the local environment better. 2. Bathroom Remodels Remodeling your bathroom means keeping moisture in mind. You want to use high-quality materials that are going to last and have them installed correctly so you can avoid slippage or eventual damage. Look into a ceramic tile that’s been treated so it isn’t as slick for floors. Consider a low-flow toilet and putting in touches of luxury. This can mean heated shower floors or a fog-resistant mirror to keep people interested and excited. 3. Bedroom Upgrades Our bedrooms are our little escapes from the world, so these need to feel as comforting as possible. Consider putting in smart lighting that can be controlled via phone or voice and blinds that are dust-resistant. A huge push in 2024 has been for sound-reducing materials. People want the best replacement windows for New England, paired with insulation thick enough to keep all noise at bay. Although you want to get along with your neighbors, you don’t want to hear them when you’re trying to sleep. 4. Laundry Spaces Laundry is a huge deal, something that can make our lives quickly crumble if we don’t keep it under control. Because of this, it’s a good idea to make your laundry room a welcoming and comfortable space for every step of laundry. This means having a sink for rinsing out stains, a bench to set baskets and clothing, and a rack for hanging things when necessary. If you’re going to upgrade the appliances, go for energy-efficient products with good reviews. Avoid any gimmicks or products that aren’t built to last. 5. Updating the Exterior The exterior of your property is where the largest and most important upgrades need to be considered. If your roof is over thirty years old, it could be time to replace it. The best material for this will depend on your area, but most are turning to slate. Slate roofs can last over 100 years if well-maintained and look awesome. They’re resistant to heat and rain and need minimal care. This is a perfect option to get more buyers interested. Consider adding exterior structures and looking into whether a trellis or a pergola is better for your property. 6. Breathing Life into Living Spaces Living spaces like dens and living rooms shouldn’t be overlooked! These are key spaces in which buyers picture their lives. Not only should they be attractive and spacious for entertaining, but they need to be comfortable. For these living spaces, it’s a good call to stop and look at areas like your HVAC system and your flooring. Upgrading to a vinyl floor is the best call if you want a floor that can handle anything, is cost-effective, and looks incredible. If you have wood floors, now’s a good time to refinish them 7. Understanding Storage Areas Storage is one of the most important spaces in any property in the 2020s. Over a third of people have storage spaces that aren’t part of their main residence. Although this doesn’t seem like a huge deal, it’s a large monthly cost most would rather live without. Adding storage space that’s waterproof, easy to access, and attractive is all as important as using the best deck screws when you’re building an outdoor entertainment area. Add heavy insulation in these spaces, and consider adding vertical storage in places like the garage to take it further. 8. Sustainability Is a Great Option If you want to upgrade in a way that will keep buyers running to your home, sustainability is a big deal. This means using materials that are long-lasting, locally or sustainably sourced, and implementing them in a way that makes sense. Avoid gimmicks or greenwashing, but make sure to mention this in the listing! Your Building Materials Are An Important Decision Whether you’re upgrading your garage or turning a bedroom into a suite, the materials you use will make a huge difference in the final project. Consider some of these tips, and check out Franklin Investment Realty to help your project be a success! – Sam Willis Author Bio: Sam Willis is a freelance writer that loves sharing his knowledge and expertise in residential and commercial real estate, as well as engineering and construction. He lives in Atlanta, Georgia where he enjoys spending time with his wife and researching real estate trends in his free time. Sam’s work as a freelance writer can be found on Building Product Advisor, a construction industry resource site.
The Rise of Sustainable Real Estate Investments
Sustainability has been one of the hottest topics in the real estate world for the last twenty years. Buyers want a property that isn’t going to hurt the environment they’re in, and that need is shown in higher prices and faster sales. Whether you’re renovating your first property for sale or you’re considering investing in a sustainable piece of real estate, this is everything you need to know. 1. What Makes Real Estate Sustainable? A home that’s built with high-quality and reliable materials is always going to be a better investment than something rushed and cobbled together. Although it’s easy to assume that you can just invest in any property and wait for a profit, you can create a larger ROI if you go about it intelligently. Sustainable real estate is a property that was built or updated with materials that have a low impact on the environment both in their creation and their use. Sustainable properties have as little of a negative action on their environment as possible. These last as long as possible and require few upgrades or repairs as long as they’re well maintained. 2. How to Work Sustainably In Any Environment The best thing to remember is that sustainability changes drastically based on where you are. The key reason for this is locally sourcing as many materials as possible. A sustainable lawn and exterior for a home in Michigan is going to look incredibly different from a similar property in Arizona. Consider what weather and events you’ll need to keep in mind for your property, and look into ways you can sustainably help your home stay on guard from those. For instance, using a rain garden and in-ground drainage can keep water at bay if you live in a moisture-rich environment. 3. Why Sustainability Brings Such a High ROI Over two-thirds of buyers state they’re more likely to purchase a property they believe is sustainable over any other option. This is because people understand sustainability as a property that will last and do as little harm as possible. Creating a property that will save people from having to make these changes themselves is something many are willing to pay extra for. There’s a lot of work and thought that goes into sustainability that the average person can’t handle. “When starting on a home renovation journey, I believe in the power of quality roofing materials to not just protect but elevate the quality of a home. ” Jeff Guthrie, Prescott Roofing Co. 4. What Is Greenwashing? Greenwashing is an important term to know because it’s a common scam in sustainable building. Companies will say their products use fewer materials or are more sustainable, but in reality, they’re treating these as buzzwords instead of actual commitments to the environment and their products. A sod company may say their product is ‘natural and eco friendly’ despite artificial grass suppliers offering a product that requires less water waste and environmental damage. We all have a natural bias we’ve learned through our lives that can make it hard to tell which companies are telling the truth or not, so make sure to do your research. 5. Weighing Cost Against Quality Sustainable products aren’t always more expensive, but when they are, it can feel like you’re being nickel and dimed out of a good upgrade. Just remember that these small, seemingly inconsequential decisions can add up to a property that’s worth far more than its unsustainable counterparts. The quality of most sustainable materials is high because they want it to last a lifetime instead of immediately ending up in a landfill. Ensure that you’re picking for that quality rather than trying to save money. 6. Easy Mistakes to Avoid There are some mistakes that everyone makes, but that doesn’t mean you shouldn’t try to avoid them! One of these is simply taking any company at face value. Research everything from tools for insulation to the best lawn care companies. Another is rushing through this project and having to buy everything at the last second. Planning ahead will give you the time to shop for deals, get to know new suppliers, and save a lot more money. The final mistake is selling without treating the property the same way you’d treat any other. This includes deep cleaning, staging, and setting up an awesome listing. Although sustainability can carry your property for a while, it shouldn’t be the only weapon in your arsenal. 7. Should You DIY Everything? DIY-ing too much can result in shoddy results. The work you put into a property can undo all of the sustainability if it has to be redone and have materials thrown out. Make sure to only bite off as much as you can chew, and hire pros to complete the rest. Sustainable Investments Are The Main Goal If you want your property to succeed, sustainability is vital! Follow these tips, and check out Franklin Investment Realty to make your dream property a reality. Author Bio: Sam Willis is a freelance writer that loves sharing his knowledge and expertise in residential and commercial real estate, as well as engineering and construction. He lives in Atlanta, Georgia where he enjoys spending time with his wife and researching real estate trends in his free time. Sam’s work as a freelance writer can be found on Building Product Advisor, a construction industry resource site.
Smart Strategies for Renovating Historic Properties for Profit
Renovating historic properties presents a unique and rewarding opportunity for investors. These projects can be highly profitable, but they require careful planning, respect for the property’s historical significance, and a strategic approach to modern upgrades. Here are some smart strategies for renovating historic properties for profit. Understanding the Historical Significance Before beginning any renovation project on a historic property, it’s crucial to understand its historical significance. This involves researching the property’s history, architecture, and any notable events or people associated with it. Knowing the historical context not only informs your renovation plans but also adds value to the property by preserving its unique story. This understanding will guide your decisions, ensuring that you maintain the integrity of the property while making necessary updates. Navigating Legal and Regulatory Requirements Historic properties are often subject to strict legal and regulatory requirements. These can include local, state, or national preservation laws that dictate what changes can and cannot be made. It’s essential to consult with local preservation boards or historical societies early in the planning process to understand the guidelines you must follow. Navigating these regulations can be complex, but compliance is non-negotiable. Failure to adhere to these rules can result in fines, legal action, or the loss of historic designation, which can significantly reduce the property’s value. Financial Planning and Budgeting Renovating a historic property can be more expensive than a typical renovation due to the need for specialized materials and craftsmanship. Creating a detailed budget is essential. Start by obtaining multiple estimates for the work and build in a contingency fund for unexpected expenses. It’s also wise to explore financial incentives such as grants, tax credits, or low-interest loans specifically designed for historic preservation projects. For example, if you are dealing with layers of old paint that must be removed to reveal original woodwork, investing in a high-quality paint stripper can be crucial. While this might seem like a minor detail, using the right products can save time and money in the long run and ensure the preservation of historical features. Preserving and Enhancing Historical Features One of the main appeals of historic properties is their unique architectural features. Preserving these elements is key to maintaining the property’s value and appeal. Original features such as wood shake roofs, ornate moldings, and period-appropriate fixtures should be retained and restored whenever possible. For instance, a wood shake roof is not only historically accurate but also adds character and authenticity to the property. When restoring such features, work with contractors who have experience in historic preservation to ensure the work is done correctly and in a manner that respects the property’s historical significance. Incorporating Modern Design Elements Don’t be afraid to add detail for visual appeal. One of the best ways to do this is by using things like cove crown molding, which pulls eyes up and gives them details to settle on without cluttering the space. You can find details like this that will spruce up any home’s style. Another modern detail many have started adding to historical homes is smart cameras, smart lighting, and a smart thermostat. These simple comforts can pull a home into the 21st century without ruining its aesthetics. Marketing a Renovated Historical Property Once the renovation is complete, effective marketing is essential to attract buyers who appreciate the value of a historic property. Highlight the unique historical features, the quality of the restoration work, and any modern upgrades that enhance livability. Professional photography, virtual tours, and detailed descriptions of the property’s history can make your listing stand out. Networking with real estate agents who specialize in historic properties can also be beneficial. They often have a network of potential buyers who are specifically looking for properties with historical significance. Leveraging Technology Technology can play a significant role in both the renovation and marketing of historic properties. During the renovation, tools like 3D scanning and modeling can help you visualize changes and ensure that updates are in line with the property’s historical character. These tools can also help in creating detailed plans that comply with regulatory requirements. In terms of marketing, leveraging social media, virtual tours, and real estate websites can reach a broader audience. Potential buyers from different parts of the world can explore the property online, increasing the chances of finding the right buyer. Long-Term Profit Strategies Renovating a home can allow you to sell for far more, especially when it’s a historic property, but it’s vital that you don’t underestimate the struggle. Landmark homes require far more maintenance and preservation work, so buyers can be shy of leaping for them. Instead, invest in DIY-ing as much as you can, making a good working relationship with contractors so you can keep prices low, and avoiding major renovations in the kitchens or bathrooms. Historic Properties Should Be Given A Fresh Start There’s a lot of value in renovating historic properties! When you’re ready to make that next step, consider checking out Franklin Investment Realty for more ideas and to find your next project property! Author Bio: Sam Willis is a freelance writer that loves sharing his knowledge and expertise in residential and commercial real estate, as well as engineering and construction. He lives in Atlanta, Georgia where he enjoys spending time with his wife and researching real estate trends in his free time. Sam’s work as a freelance writer can be found on Building Product Advisor, a construction industry resource site.
Storm Ready: Preparing Your Home and Roof for the Worst
As the climate continues to change, the frequency and intensity of storms are on the rise. From hurricanes and tornadoes to severe thunderstorms, homeowners need to be proactive in fortifying their homes to withstand the destructive forces of nature. One critical aspect of storm preparedness is ensuring that the roof and exterior of your home are resilient enough to endure the worst. In this article, we will explore the steps you can take to make your home and roof storm-ready. Understanding the Risks Different types of storms bring different threats. Hurricanes and tropical storms come with high winds, torrential rains, and sometimes flooding, leading to roof damage and water infiltration. Tornadoes are violent windstorms that can cause catastrophic roof damage, shattering windows and tearing houses apart. Thunderstorms can bring heavy rains, strong winds, and hail, all of which can damage roofs and other parts of your home. Winter storms, with snow and ice accumulation, can lead to roof collapse, ice dams, and water infiltration. Each storm type requires specific preparation strategies, but some general principles apply across the board. Routine Roof Maintenance Regular maintenance is the key to being storm-ready. A well-maintained roof is less likely to suffer damage during a storm. You should inspect your roof at least twice a year, ideally in the spring and fall. Look for roof leakage, missing, damaged, or curling shingles, and signs of wear and tear. Address any issues immediately—replace damaged shingles, fix leaks, and reinforce weak areas to prevent minor problems from becoming major ones during a storm. Ensure gutters and downspouts are free of debris, as clogged gutters can cause water to back up and seep under the roof, leading to water damage and leaks. Keep trees near your home trimmed to prevent branches from falling on the roof during high winds. Overhanging branches can also scrape and damage the roofing material. Check the flashing around chimneys, vents, and skylights to ensure it’s secure and in good condition, as flashing prevents water from seeping into joints and causing leaks. Enhancing Appeal with Green Home Innovations Enhancing your property’s value is crucial for a successful flip. Consider incorporating energy-efficient features to attract environmentally conscious buyers. Simple upgrades like installing smart lighting or switching to energy-efficient appliances can make your property more appealing. Not only do these upgrades reduce energy consumption, but they also offer a reduction in utility bills, ranging from 5% to 30% annually. This makes your home both economical and attractive. Harmonizing Academia and Real Estate Ambitions Balancing house flipping with your academic goals requires careful planning. Setting achievable goals and maintaining realistic expectations are key. The fix and flip market in 2024 highlights the importance of a well-thought-out approach. By researching property values and neighborhood trends, you ensure sound investments that can yield substantial returns to help finance your education. Efficient scheduling is essential; it helps manage your time effectively, reducing holding costs and study-related stress. Elevating Home Potential Through Smart Renovations Strategic renovations are essential for enhancing property value while keeping costs in check. Update siding or garage doors to focus on curb appeal, which can yield a significant return on investment. Modernizing kitchens and bathrooms can greatly increase functionality and appeal inside. A midrange bathroom remodel, for example, can recoup nearly 67% of its cost. By prioritizing these targeted improvements, you increase your property’s desirability and market competitiveness, making it an intelligent choice for quick and profitable reselling. Tapping Into Local Market Dynamics for Optimal Returns Evaluating local property market values is crucial when flipping houses to finance your education. Analyzing these markets helps identify investment opportunities where properties are undervalued or poised for appreciation. Staying informed about asking prices provides insights into seller expectations and potential resale values. This knowledge equips you to make informed decisions, maximize financial gains, and support your academic endeavors. Navigating the Legal Landscape in Real Estate Deals Understanding contractual obligations is crucial in house flipping. Ensure a legally binding agreement where both parties sign, protecting your interests and minimizing disputes. Clearly define the terms of sale, including price, closing date, and any necessary contingencies, to establish a transparent transaction process. Including dispute resolution provisions helps maintain smooth business operations and safeguards against potential legal challenges. Embracing house flipping to finance your education is more than a financial strategy—it’s a transformative journey that weaves together the pursuit of knowledge and entrepreneurial acumen. As you engage with academic and real estate challenges, you build a foundation that bolsters your bank account, confidence, and expertise. The skills you acquire from analyzing markets, negotiating deals, and executing renovations are assets that transcend the classroom. Tapping into the symbiosis of house flipping and academic growth can unlock the potential for financial independence and a deeper understanding of the synergy between education and enterprise. Discover your dream home with Franklin Investment Realty, where over 30 years of expertise in the Greater Philadelphia area will ensure a seamless buying and selling experience! — – Shirley Martin