Now that you have purchased yourself a quick-flip property, it’s time to get the most out of your investment and make yourself some minor upgrades. Real estate investors rely on timing, negotiating skills and research to acquire properties that will return a profit. The property you purchase doesn’t have to be the property you sell, but that’s why you purchased it right? Minor property upgrades can pay for themselves and then some. From the back in the day material clinging to the 60s-era ceiling to the stale air in the living room, minor problems can turn away potential buyers and reduce your profit margin.
A little elbow grease goes a long way when working with Real Estate Rehabs. Try these upgrades if you’re looking to add quick value to your Real Estate Investment
Say Goodbye to Popcorn Ceilings
Between the 1950s and 1980s, home builders relied on stucco material to cover ceilings. “Popcorn ceilings,” as they became known, reduced noise, hid imperfections and made ceilings easy to finish. Popcorn ceilings fell out of favor in the construction world when one of its ingredients, asbestos, was banned in ceiling treatments. Still, millions of homes still contain this unsightly, potentially dangerous material.
To remove ceiling popcorn, dampen the material with a spray water bottle before scraping it off with a putty knife. The stucco should come off easily in sheets. Depending on the size, each room should take around an hour. Wear a face mask ensure you don’t ingest asbestos residue.
Add a Ceiling Fan
Air conditioning costs drive up utility bills, but home owners usually don’t want to sacrifice comfort for low cost. If your property is in a city that experiences hot summers, ceiling fans can deliver comfort without driving up electricity costs. Most eco-friendly fans cost as little as three tenths of a cent per hour to operate. Ceiling fan installation is a reasonable task for those with basic wiring experience. Some Fan Supply offers a set of Step by Step directions, and each fan comes with installation instructions as well.
Paint the Master Bedroom
Everything looks better with a fresh coat of paint. Real Estate Rehabbers can boost their property values by brushing on a fresh coat. A study that was revealed survey revealed that the average interior paint job cost between $500 and $750, but it increases a home price by an average of $1,500 to $2,000. If you’re trying to make a quick buck flipping a property, a fresh paint job is a sure-fire way to put cash in your pocket.
Financial Tip Savvy property managers can double the benefits of these quick fixes by paying with a cash back credit card. If you shop wisely you can make money on your property even when you’re spending money on it. Its little tips and creative ideas that will help you save more money along the way.