When investing In higher priced neighborhoods you will want stainless appliances, beautiful tile back splashes in kitchens, nice ceramic or stone floors, upgraded carpet in bedrooms, hardwood in living room, a bathroom with beautiful ceramic on the floors and walls… You get it! This has to be done to stand out from your competition so you sell first and can cash that big check!
When investing in entry level homes you want you house to look amazing but you will never get a return on your investment if you try to do the same upgrades as you would in upscale neighborhood.
I personally only invest in entry level homes. The risk is low and the returns are great. Like anything you want to be able to stand out from the rest of the competition to have your product sell or rent first. Here are a few tips to save money and have your entry level home look amazing:
In the kitchen if possible save, sand and paint the cabinets. If the cabinets are in poor condition then purchase the most affordable cabinets from the big box stores and have them installed. Also install new Formica counter top and new sink NO GRANITE COUNTERS HERE! For the kitchen floor use affordable sheet goods with a textured tile pattern. A lot of these products look great. They are fast and affordable to install!
In the bathroom:
Have the tub glazed to make it look brand new. This will cost less then $150.00 to have done. Install a similar if not the same sheet goods you had installed in the kitchen. Purchase and install a new toilet. If the vanity does not look great then replace it with a new modern looking one. You should be able to spend less then $150.00 on your new vanity.
Add a fresh coat of paint that’s neutral in color to everything!
Unless hardwood floors are already there and look great Install affordable wall to wall carpet throughout the home. New carpet with pad and installation can be purchased for under $1.30 a square foot.
Install all new light fixtures throughout. I typically spend $25.00 for fan with light combos and $15.00 for a standard light fixture. If the outlets and light switches are tan in color switch everything to white. These items are all very affordable to purchase and make a huge difference in the look of your home.
I invested in 18 entry level homes last year. These are the basics that you need for successfully rehabbing entry level homes to stay within budget and have your final product look amazing.
If I’ve missed something in this post that you would like me to cover please let me know and I’ll provide the answer here.