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When you flip a house, you get to design a home from scratch after finding one with good bones at a low price. Some people flip to create their own permanent residence, while others flip as a real estate investment. Investors flip and sell the house at a better price than what they paid, or they flip and keep the home as a rental property. Today, we’ll discuss tips for flipping a home to rent out.
Choose Your Projects
First things first, when flipping a house, make a list of every single project you’d like to complete. Then, prioritize those projects and start with the top items that are an absolute must. Little things like planting rose bushes in the front yard should wait until the end if there are bigger tasks to tackle, such as rewiring the electricity or refinishing floors.
Don’t DIY Everything
As an investor, you want the greatest ROI possible. An important part of flipping is doing as much as possible yourself for the best return on investment. However, unless you’re gifted with the talents of a builder, electrician, and plumber (kudos if you are), it’s important to hire professionals for some things. We all want to save money, but we all also know that, in the long run, doing something right the first time does indeed save money, even with upfront costs. Some house flippers work as a team, combining talents and sharing profits.
Don’t Forget the Exterior
The inside of a house is extremely important if you’re planning to rent it out—renters want a comfortable house, and most of us spend most of our time inside our homes. However, don’t neglect the exterior of your flipping project. Curb appeal is a necessity when designing a home; it’s what makes those who pass by want to take a look inside. Look for simple ways to dress up the exterior so that potential renters know you care about the property and your renters as well.
Keep It in Neutral
You may think purple is the greatest color out there and want to add it to every room in the home. However, nothing against purple, but it has no place in a neutral rental. Keep color choices neutral (tans, grays, and white) for appliances, walls, counters, flooring, siding, and light fixtures. A rental needs neutral colors so that renters can make it feel like their own.
Stage the House
When the project is complete and it’s time to entice renters, stage the beautiful new home with simple furniture, a few vases of flowers, and a small amount of artwork or framed prints here and there to give it a lived-in feel. Staged homes look better than empty ones.
Using our tips for flipping a home to rent out will get you on the road to an efficiently flipped investment property. Good luck with your flip, and may there be many more to come!