Springtime is just around the corner and many real estate investors are rushing to get their homes on the market! By making these repairs before putting their properties on the market, real estate investors can secure selling a home for it’s maximized ARV. Hard money lenders in Arizona recommend making the following repairs to make the most out of your investment. These repairs will give you high ROI for your investment and appeal to all potential homebuyers.
Curb Appeal Repairs
Updating your curb appeal is the easiest and cheapest of repairs to enhance your curb appeal. Cleaning up the exterior of the property will give you a fresh and updated investment. Some easy updates to make are power washing, minor landscaping, and perhaps a fresh coat of paint. There are some bigger outdoor projects that can boost your ARV, such as a new roof, garage door. Hard money lenders in Arizona say that these updates will make your home look more finished, and intrigue potential buyers. You can read more about money earning landscaping tips here.
Hard money lenders in Arizona will tell you that flooring is expensive upgrade to make in your investment, but buyers love it. Hardwood floors are winning over the hearts of homebuyers everywhere. “Most buyers nowadays are expecting hardwood,” says Matt Laricy, a Realtor® with Americorp Real Estate in Chicago. “They want things move-in ready, and don’t want to do any work. Seeing carpet could make them pass on your place.” Recent home buyer trends indicate that buyers want hardwood floors, or perhaps tile as the main floor in their home. New flooring may not be a cheap repair to make for a flip or rental but new hardwood floors can add up to 2.5% to the sale price of your investment. Faux wood also adds value to the home, and homebuyers love it. If you have the room in your budget to add hardwood, it’s an home repair worth doing.
While a recent trend has shown wallpaper coming back in style, Investors should tread carefully. It’s not that home buyers hate wallpaper, is that they don’t like other peoples choice in wallpaper. Everyone has their own taste when it comes to wallpaper, and sometimes choosing the wrong one can hurt your resale value. The best option for wallpaper is to avoid heavy patterns, such as florals, as they will age the room. If you choose to use wallpaper, (as it is easier to put up and less labor intensive as paint) consider using some more cohesive and modern prints. Such as solid colors, or even vertical stripes.
Paint is a versatile option for homes, as it can be easily applied, but also just gives a cohesive finished look to a room. Paint can also be rather inexpensive making it a favorite among investors. However being cautious with your paint choices, and avoid painting the home one singular color. Modern colors to consider for your flip are gray, sky or baby blue, tans, and light pastel colors such as mint green or coral. When used correctly a fresh coat of paint will liven up a room and making it seem more inviting to potential buyers. You can learn more about how to choose the best colors for your room here.
Minor Bathroom Repairs
While bathrooms may not be the number #1 priority for homebuyers, having a polished bathroom is a great selling point. Hard money lenders in Arizona say that Updating a bathroom is actually very easy, and inexpensive compared to other rooms of the house. A minor bathroom rehab can include the following: replacing mirrors, new coats of paint, updating finishes, vanities, and lighting. A vanity is a beautiful addition to a master bathroom that will have home buyers buzzing. Replacing outdated light fixtures with bright white lights will also make a drastic improvement to a bathroom as well. Adding a frame to a mirror is a cheap way to improve a bathroom, as well as a feature that buyers will love. Making these simple home repairs, you can expect an ROI of about 66%.
You know that in order to make the most of your investment, that you will need to complete a kitchen rehab of some kind. A minor kitchen rehab can have major ROI, and with the kitchen being the most important room in the house, updating is crucial. You can see an 80% return on interest in a minor kitchen remodel which includes: updated finishes, new paint, and updated cupboards. Adding some trim can also pull the kitchen together as well. As for updating the cupboards, replacing handles, adding rollers, just making sure they are aligned properly can go a long way! Make sure you stay ahead of trends and don’t do any upgrades that homebuyers hate.
Nowadays clean modern kitchens are what buyers want, so don’t worry about adding backsplash or over the top features. Modern styles aren’t busy or cluttered and make sure your countertops, walls, and features complement each other, not match. Wood countertops are a thing of the past with either real or fake stone being the number choice for counter replacements. If possible, maximize counter space and convert a freestanding wall into an island. Don’t neglect to update storage spaces by upgrading shelves or even consider wire racks. The kitchen is one of the most home repairs you can make to a home, so make sure to do it right by going for a modern clean look.
Real estate investing doesn’t have to be tricky. That is why Hard money lenders in Arizona like Prime Plus Mortgages makes their application process as hassle-free as possible. Our 2-minute application can have you approved in less than 24 hours, and funded in as little as 2 days. Using other people’s money for your real estate investments in Phoenix assures that you will always have Prime Plus Mortgages Offers hard money loans Arizona that are asset-based, so no need to worry about a less than perfect credit history. As you grow your real estate business, having quick access to funding is essential, which is why Hard money lenders in Arizona are lifesavers for real estate investors! Prime Plus Mortgages, make getting loans for your real estate investments in Phoenix easier! Learn more about our loan programs here.