You know that somebody out there is making good money fixing and flipping properties, but maybe things aren’t going as well for you as you anticipated. There could be many reasons of course, but here’s a proven, low cost improvement that makes remodels sell faster and for higher prices. This simple bit of knowledge could make your property 50% more likely to sell to the next prospective buyer.
According to industry research, “Storage” is the top wish for new and remodeled home buyers. As total square footage is decreasing, places to store stuff is worth a premium. Interestingly, 50% of buyers choose a closet upgrade if offered at an additional cost. Why not just upgrade as you fix up the rest of the house. There are some great systems that cost a couple hundred dollars but may well add $500 or $1,000 in value and increased marketability to the house. Not to mention of course the fact that when you sell quicker, holding costs are reduced, your money turns faster and you will be able to use available capital for increasing profits via reinvestment. You owe it to yourself to consider upgrading closets in bedrooms.
Another area of possible improvement are dead are spaces, like certain walls where built in book cases/knick-knack shelves etc. can be built. These give a property a refined “custom built look and feel.” Dead space under stairs can be converted into work areas, desk space, a pantry, kid’s play rooms, or storage. Small unusable closets might best be utilized as storage with access from a different room or built out into better-use space. When closets are few and far between, corner closets are easy to build in for bedroom upgrades and make a huge difference in desirability. In all cases, these items can be converted or built-in and dramatically increase marketability.
It shouldn’t surprise you that storage and adding usable space to a home without increasing the square footage are tricks used by the pros to make their properties sell fast and for a higher price. But it just might surprise you how big a difference these things really make. At MCM (www.Middleclassmillionaires.com) we’re happy to help. Good luck and the best of success.