You've purchased that quick-flip property. Now it's time to get the most out of your investment. Real estate players 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, however. Minor property upgrades can pay for themselves and then some. From the unsightly material clinging to your 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 can turn a trouble-ridden property into a hot sell. Try these upgrades if you're looking to add quick value to your real estate investment.
Get Rid of 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 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 an a city that experiences hot summers, ceiling fans can deliver comfort without driving up electricity costs. Hansenwholesale.com notes that some 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. Lowes.com offers a step-by-step guide, and each fan comes with installation instructions.
Paint the Master Bedroom
Everything looks better with a fresh coat of paint. House flippers can boost their property values by brushing on a fresh coat. A HomeGain.com 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 new paint job is a sure-fire way to put cash in your pocket.
A Financial Tip for Quick Fixes
Savvy property managers can reap double the benefits of these quick fixes by paying with a cash back credit card. Shop wisely and you can make money on your property even when you're spending money on it.