Maximizing the ROI on your next fix and flip is the goal of every investor. Fortunately for many properties, it doesn’t take much time or money to give your property’s value a boost. Small renovation projects, even ones that might normally get overlooked, can be a big contributor to the overall ROI of your fix and flip's success.
The Paint Color with Low ROI - Beige
Every investor understands the power of a fresh coat of paint and the high ROI it can provide. Paint can completely transform a room. It’s important to remember that paint colors, just like any other design element, will go in and out of style. If your property is sporting warm beige walls, it’s likely that the home will feel dated. Update the paint color to something modern and versatile such as white or cool grey.
Smaller Landscaping and Hardscaping Projects
Landscaping and hardscaping are essential to improve your property’s curb appeal. With more buyers interested in low maintenance yards, it won’t take much time to generate a high ROI. Simple, well-manicured yards are often preferred over high maintenance ones.
To add more interest to a simple yard, consider widening the walkways and using bricks or stones as decorative pavers. These pavers add an eye catching element to the property and require very little maintenance over time. Plus, this saves you the hassle of pouring and setting concrete walkways.
Exterior Details Make All the Difference for Curb Appeal ROI
The exterior of the property has an, obviously, huge impact on your potential buyers’ first impression. Pay close attention to your own first impression of the property. What did you notice - good or bad - when you viewed the property for the first time? Often times, small details of a property’s exterior can affect first impressions; these can be details that you may notice at first, but fail to see after becoming more familiar with the property.
Some common exterior projects include repairing any damaged shutters or gutters, touching up the paint, replacing or painting the front door, updating the light fixtures, and adding noticeable house numbers. You can also refresh the driveway and walkways, deck, and siding with the help of a pressure washer.
Light Fixtures Have Great ROI in Fix and Flips
Just like paint, lighting can transform the look of a room. Well-lit rooms appear to be larger than they actually are and are more cheerful, so try to add more lighting to dark spaces. If your property has plenty of light fixtures, but the space is still dark, upgrade the bulbs to LED lights which shine brighter than traditional incandescent lights.
You should also update the existing, outdated light fixtures. Does your property have tarnished brass light fixtures or yellowed plastic fluorescent light covers? Rather than replacing them with new light fixtures, try working with what’s already there. You can polish brass fixtures or even paint them to match the new color scheme of the property. Soak plastic light covers in warm, soapy water to remove the yellow tint.
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