Another Great Week of Real Estate - April 27, 2024
Flipping verse Holding
Our latest single-family house is not joining our portfolio…
We planned to hold this property long-term but a bad contractor has soured the property for us. Now that we are selling, our renovation scope is also changing. Here's how:
Floorplan
We rarely change the floor plan if we plan on holding the project long-term unless we are adding rooms.
Changing the floorplan ensures a more expensive project, which rarely equates to more rent. For flips, we are more concerned with how a new homebuyer will feel in the home.
Slightly changing the floor plan could lead to a higher sales price!
EMMY TIP: No one has ever said, "I wish my kitchen was smaller."
Finishes
When renovating for a long-term hold, I prioritize durability over look so I can reduce my repair costs over time. However, with a flip, my focus is creating a "wow" factor when a homebuyer first enters the house.
EMMY TIP: Tiled bathrooms are very durable and look nice, making them a great choice for both long-term holds and flips.
