You are bringing it up to date and the type of residents as a guide. (i.e. Young families, Single Professionals, retirees…etc) Keep your colors fresh and neutral, your fixtures modern but not too “trendy” and don’t forget the outside of the house and the yard. Your target after-repair value (ARV) should not exceed the comparable homes in the area. Getting carried away with the renovation is a common mistake that new “Fix-N-Flippers” make than can rob them of the success they are working so hard for.
As with “over doing it”, being lazy, cheap or not giving enough attention to detail can be a costly mistake as well. If you try to cut too many corners because you are in a hurry or didn’t budget properly, you will have trouble selling the house. Even if you got a buyer on the hook, most likely their lender will require an inspection and appraisal. If the house inspector finds too many problems that you didn’t address, it could blow the entire deal and cost you more time and thus, more money than if you had done things right in the first place.
So take into consideration your target market in order to make well thought out and pocket friendly decisions.
“By failing to prepare, you are preparing to fail”- Benjamin Franklin
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