A mix of time-tested practices and new concepts that add value to your flips
Best Places to Invest Your Resources in 2024
As the impact of COVID and advancements in smart technology continue to influence the housing market, homeowners of all ages and financial backgrounds are seeking enhanced functionality in their homes. To cater to this demand, we have identified the top 10 features that will add value to your flip in 2024.
Adding more storage solutions to your flip is a must-have for 2024. Home organization is not just a trend, it provides stability and promotes well-being. Research from the UCLA Center on Everyday Lives and Families shows that physical clutter can raise our cortisol levels, which is a stress hormone. By incorporating designated storage systems, you can improve your overall health and create a peaceful living space.
Houzz expects “appliance garages” to be a growing home trend for 2024. These handy nooks keep countertop appliances, such as blenders, coffee makers, and toasters, hidden yet easily accessible and organized. “While they have been around for decades, they’re enjoying a resurgence in popularity as homeowners seek to declutter their homes and incorporate more gadgets into their kitchens,” Houzz’s 2024 design predictions report notes.
Likewise, hiding chargers for electronics, which often clutter kitchen countertops, is another trend. Charging drawers can help, offering a way to charge a device while it’s tucked away out of sight.
#2. Extend Living to the Outdoors
With indoor spaces requiring more functionality, flippers need to find more livable square footage to offer. Extending living to the outdoors can do just that. A back patio with a small but sturdy outdoor dining set can become an area to enjoy meals together, do homework, host game night or a quiet seat to enjoy your coffee before a hectic day begins. With media hookups, fireplaces and other amenities these outdoor spaces can provide meet a real desire.
#3 Create an Effective Entryway or Mud-laundry Room Entryways set the tone and should encompass a sense of serenity and calmness when entering the door. Thoughtful storage is vital in the entryway, and people are seeking solutions to maximize the space and create an elevated experience when entering the home. Consider adding built-in cabinetry or shelving allowing to transform the look and function of the space.
Mud/laundry rooms offer another solution for dual functionality and flow of a home. These hybrid spaces combine a laundry room with a mudroom to help rid messes at a home’s entry point. A utility sink lets you soak dirty clothes or delicates, and a pulldown faucet is effective at rinsing muddy boots or cleats. These mudrooms are coming equipped with plenty of built-in storage, such as cabinets, hooks and cubbies to help organize all the gear. A bench is a popular add-on.
#4. Smart Home Technology
Smart home technology is a huge value add in today's market. To control temperatures, adjust irrigation and stay secure at the touch of a button is what the modern homeowner is desiring. Smart home technology offers efficiency which ultimately saves future resources.
#5. Multipurposed Spaces
According to Forbes, flex spaces are a crucial consideration when planning a room for the future. With limited home square footage and increasing budget demands, having flexible options is a top priority for new homebuyers. Today's buyers require dual-purpose spaces that can accommodate working from home, storage needs, entertainment, and more. To achieve a multifunctional design, it's essential to include plenty of storage and organization solutions.
#6. Budget
"Build a detailed tasked based budget & schedule upfront, defining critical path for tight monitoring and oversight. Conduct weekly budget and schedule reviews and be prepared to modify and adjust on the fly."
-Olive Branch & TWB Properties (Featured Property: purchase $67,500 sold $373K)
#7. Efficient Project Management During a renovation, unexpected challenges may arise. It's crucial to address them quickly and efficiently to stay on track with the project. To overcome any obstacles, it's essential to have a contingency fund for unforeseen expenses and be ready to allocate resources as necessary.
"Schedule and align the process on which trades go first. Focus on breaking everything down first then build it back up starting with electrical, plumbing, framing. Get your baseline in perspective then place all your walls back up so that now you can move into your carpentry/finishing work. Take things that look big and chunk them into small pieces to simply each project."
-Tru Life Properties (Featured Property: purchase $260K sold $425K)
"WORK HARD, Every. Single. Day. and pay attention. If somethings done wrong, redo it. Find quality subs. Stay on your job daily and don’t leave a stone unturned. Keep an eye on all the fine details." -Metro One (Featured Property: purchase $156K sold $420K)
#8. Build a Reliable Team
"Building a strong network of professionals, from contractors to real estate agents, has been crucial. Their expertise complements our vision and ensures successful outcomes."
-Taylor Made (4 years in the business & growing strong)
#9. Staging Effective staging can make a huge difference when it comes to selling your rehab. By highlighting the home's best features, potential buyers can picture themselves living in it and feel more connected to the property. This process also gives your home an aspirational look and presents it as move-in ready. To achieve this, focus on furniture arrangement that enhances traffic flow and consider adding items that will help increase the overall appearance of your property.
"I try to keep in mind the potential buyer for my homes and keep the updates with them in mind. For example, in this home my potential buyers would be a family with young children, so we knew we needed to have a nice bathtub for the kids, and we wanted to try to get the laundry upstairs next to the bedrooms." - Megan Holtz (Featured Property: purchase $325K sold $500K)
#10. Strategic Property Selection- Location, Location, Location And we end with the old adage, location, location, location. The location creates desirability, desirability creates demand, and demand raises real estate prices.
"Extensive market research is vital before investing in any property. Understanding neighborhood dynamics, property values, and potential pitfalls can make or break a project."
-Taylor Made (4 years in the business & growing strong)
Are You Ready to Conquer the Market in 2024?
Flipping homes in 2024 requires a strategic and well-executed plan. Stay up to date on tips and advice from professional flippers by following us on social media and subscribing to our exclusive email list.