Although I wasn’t flipping homes, I was always watching the home shows on HGTV. It seemed so simple.
All you had to do was find a home that was selling below market value and which needed some improvements. The flippers usually worked with a cadre of contractors for carpeting, kitchen cabinets, plumbers, painters and the like.
For people who want to flip homes, buying low, keeping renovation expenses down and completing all the work in the shortest amount of time are the essential ingredients to being successful. The latter ingredient is very important because every additional month you own the home is another mortgage payment, which can cut deep into your profits.
The most popular home remodeling projects that people make for their homes, regardless of whether they are flipping the home or planning to live in it, are kitchen and bathroom upgrades.
For the flipper, the kitchen needs to be up-to-date when compared to other like-homes in the area, and it has be in line with the selling price. You would not add a $50,000 kitchen into a home worth $150,000.
The same is true with bathroom remodeling projects.
Many bathroom remodeling jobs involve tearing out the bathtub and toilet, which is not only expensive, but can make your home unlivable for a week or two. There will be dust and quite a mess. If you only have one bathroom with a tub or shower, you might have to wash at the neighborhood Y.
A licensed plumber is probably essential to your success. You can see how the cost can skyrocket,and that assumes you don’t find any new problems, such as mold, when you tear up the walls and see the pipes, which may need to be rearranged.
And we haven’t even gotten to the cost of the bathtub and toilet.
But there are many bathroom remodeling alternatives you can choose to in order to save money. Alternatives to extreme bathroom remodeling projects include updating the vanity, adding shelves, towel warmers and heated floors. Simple updated bathroom accessories can make quite a difference. And the cost would be a fraction of replacing the bathtub.
If your bathtub, however, is old, dirty and grungy looking another bathroom remodeling alternative to consider is refinishing.
Bathroom refinishing is a remodeling alternative that can give you the look of a brand-new bathtub at a fraction of the cost and time it takes from start to finish.
Although there are do-it-yourself refinishing kits, this is one job you will want to hire a professional bathroom refinisher. You won’t want to deal with the chemicals used in the DIY kits.
Instead, a professional bathroom refinisher can come in and in a few days turn that old tub and sink that was devaluing your home into a major selling point. And some companies don’t even use toxic chemicals anymore.
So if you are flipping a home or buying for the long-term, consider all your home remodeling alternatives which can really increase your ROI.