** Renovation or improvement? ** When you buy a house for the purpose of a flip, you will usually send some contractors…
** Improvement or improvement? **
When you purchase a house for the purpose of a flip, you will usually send a few contractors in the hope of getting a general idea of the cost of the renovation, in addition to the cautious and wise ones among you, to make sure that the contractors do not miss anything acute. You will probably compare the bids and the Inquiry Report and decide what needs to be fixed. This is fine when you work with homes that will be sold after the renovation for a price in the $ 100,000 - $ 150,000 area. But when you go up in the sales level of the projects, which will sell after renovating $ 250,000 dollars and north, you need to look at your project with different eyes.
Many times you will find that at a high price level a house with the same dry data of size or number of rooms and baths can be sold for example between $ 220,000 - $ 300,000 (of course depending on the price level of the market you work in)
And I'm not talking about a ruined house or foreclosure from a bank that sells much lower. The answer lies in the consideration that the buyer receives:
1) Redesigned and modern home
2) The level of different finishes
3) kitchen
4) The parents' bedroom includes the wardrobes (especially the woman's).
5) Roof mode
6) Front / rear thin balcony
Of course there are other things but these are among the main ones.
Here comes into the picture a very important person in your team called an architect but this is another topic ...
In conclusion: the betterment is to take something existing and make it better.
When you do a renovation you just fix the house and bring it to a working functional state.
Remember: your buyers know exactly what they are looking for in the house so do not try to work on them because it will be reflected in your DOM and the price reductions you will have to do in order to finish the project.
Good luck to everyone !!!
pleasantness.
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Improvement is always a good thing, the question you will always ask at the end: "Did you increase the property?" Has the property grown beyond 250SF or remains as it is? If your investment remains the investor will actually be a loss.