Any savvy investor will tell you that the best way to flip a house while on a tight budget is to always keep in mind that the buyer’s perspective rules. And rule number one is to make the house feel like a home – warm, friendly, and inspiring to all comers. Doing so on a tight budget is fairly easy to do if you are ready, willing, and able to be creatives as you stage the home.
Whether an investor or a seller occupier, it certainly is true in most real estate markets nowadays, moving the home can become more difficult and time consuming than originally planned and require some subsequent action or strategy to successfully move things along to a successful conclusion. All too often, investors or weary, frightened homeowners will slash their intended sales price to get to the closing table at an often substantial net negative cost to them. So rule number two now comes into play and that rule is that proper staging is absolutely crucial to your sales success.
It stands to reason that effective home staging can and likely will make a most positive difference in your end game. The key here is not to spend a penny more than you have to, to effectively home stage. Even on a tight budget, you can maximize the home’s selling potential without “breaking the bank”. The simple act of replacing hardware to give the home a fresh look, especially focusing on all the handles and knobs in the kitchen, bathrooms, entranceways-even taking the extra step of buffing, repainting, or actually replacing the front door- will go a long way. For many buyers, the kitchen and bathrooms serve as primary focal selling point to them. It certainly is easy to contemplate even a minor kitchen and/or bathroom remodeling effort can run into the many thousands of dollars, so never do that on a flip. By changing out the hardware and light switch plates, you may accomplish all you need to inspire a buyer on the fence. To accomplish a quick sale, a creatively inexpensive update will be masterful.
Next, take a step back and revisit what is moving, by current and relevant comps, most quickly in the neighborhood, set your budget accordingly, and absolutely stick to it. You do want to stand out in comparison to all your current competition, yet offer a buyer the most bang for his or her buck.
First impressions do matter. They matter a lot. In fact, houses that appeal most to a prospective buyer are those “pretty” homes, warm and inviting, aesthetically pleasing to them-again, make the house a home-and that first impression will so often soften any sales price concerns that may otherwise prove problematic. It often is not the sales price but the inviting feeling the home conveys that makes the difference.
Always keep in mind that there are a multitude of things you can do to spruce up the home without shelling out a lot of money.