Buying a new home is a costly endeavor, and renovating an old home is also a costly decision. However, given the state of today’s real estate market, the latter seems to be a cheaper option, especially if you know what you’re doing.
The cost of homes rose this year due to the lack of materials and manpower to create more supplies for the market. As a result, it has risen by a record-breaking 13%, the highest percentage increase that the industry has experienced in the last couple of years. It’s estimated that average-sized homes will cost home-buyers around $400,000 to purchase, and experts are scrambling to give their opinions when purchasing a home.
House Flipping vs. Purchasing a New Home
When purchasing a new home, many experts suggest moving to another state where home prices are lower. Nationally, home prices have increased, but this increase varies by city. For example, Phoenix, Seattle, and San Diego are some cities that have increased their home prices by over 20%. However, other cities can provide much lower prices for homes, especially in cities that have experienced a decrease in home sales.
The first choice pushes to change your lifestyle, and for people who want to stay in their beloved city, most experts suggest purchasing an old home and flip it. Old homes can cost way below the average value of homes today, and when done right, you can save your money for your family’s future instead. Here are some tips when it comes to house flipping.
Concentrate on the Previous Design
Many designers and contractors believe that working on the home’s previous design is the most cost-efficient way to flip a home. This can save you a lot of time and money when doing this project. It’s also less of a hassle if you’re planning to do the flip yourself.
Look for the inherent properties of the old home, and check which ones work for you. Then, put it on a list and consider which rooms you don’t think need a makeover, which require minimal work, and which ones require the most work. If you can’t identify it yourself, then consider the most expensive rooms to renovate.
Start With the Most Expensive Rooms
Despite its small size, the bathroom can easily be the most expensive room to renovate on your list. This is because the bathroom requires different processes to be done first before the renovation starts. One of them is plumbing.
You’ll need to have a plumber check your pipes before doing any massive renovations in your bathroom. Trust us. This is going to save you a lot of money. You should also buy bathroom supplies in bulk. The cost of bathroom renovation can be severely reduced if you have the needed supplies in bulk. It will also help you budget the items you need beforehand, so you’ll only need one or two visits to the hardware store.
Lastly, for this to be cheaper than the average price of renovating bathrooms, you’re going to plan your renovation. Think of what look you’re going for, and consider what the current state of the bathroom can offer. As stated earlier, concentrate on working on the home’s previous design instead of creating a new design for you.
The next one on the list is the master bedroom. Many interior designers say that this isn’t the most expensive room to renovate. It’s only expensive because couples tend to overthink what they want for the bedroom.
In most situations, this makes sense. The master bedroom is going to be the room you’ll be sleeping in, and you need to feel safe and secure because of it. However, many interior designers suggest keeping the design simple. Consider a central theme and pick a color for that theme. If you want to wake up early in the morning, consider brighter colors and natural lighting. If you want a good night’s sleep, consider dark colors instead and artificial lighting.
Last on this list is the living room. When people do house flipping, they tend to spend so much on their living room because they want it to be perfect. This is going to be the room where you’re going to be spending most of your time at home, after all.
Interior designers suggest concentrating on a centerpiece to make your flip much more affordable. Choose an item or a piece of furniture in your living room and work around it. Make the surrounding objects complement the centerpiece, and you should be able to flip your living room in a matter of hours and at a much affordable price.
Believe it or not, once you get enough experience in house flipping, you can make a living out of it. So if you enjoyed flipping your old home today, then consider getting your services out there. It’s a highly sought out service now that homes are more expensive than ever.