Flipping an older home can be a great money maker and financial decision. With a little vision and some sweat equity, you can turn a once-forgotten property into a modem home with massive potential for profit.
But flippers will tell you that it’s the upgrades that make the biggest difference. Trading linoleum for tile can make an outdated bathroom chic again. Painting cabinets and adding a backsplash can make a run-down kitchen feel like a chef’s dream. Even investing thousands of dollars to replace outdated appliances can be a worthwhile investment, helping a house with old bones compete with the newly built property just down the road.
In addition to those upgrades, adding the right smart home technology to your next flip can make a massive difference with certain home buyers. The best part is that these upgrades are both inexpensive and easy to pull off. Here are three upgrades to consider:
Install Smart Thermostats
You might not think that a thermostat would be a big deal, but the thermostats say a lot about the property. An old, outdated thermostat can be an eyesore and a reminder of a home’s advanced age, but a smart thermostat tells potential buyers that the HVAC system is up to modern standards and has been evaluated as part of a renovation. Plus, the fact that homeowners can easily manage and control the system on their smartphone is an attractive feature. Environmentally-conscious buyers are impressed by the smart thermostat’s energy efficiency.
Smart Lighting Can Change the Feel of a Space
Another key upgrade to consider is perhaps one of the easiest ones to make: the installation of a few smart bulbs or a smart lighting system. Lighting can completely change the feel of a room, and today’s smart lighting systems offer a nearly limitless array of colors, dimness settings and light fixtures.
Security Systems Provide a Sense of Safety
Modern homebuyers are concerned about security, so adding a smart security system to your property is another great upgrade that will cater directly to your buyers’ needs. Many older security systems require yearly contracts and extensive wiring. Today’s WiFi-enabled cameras and battery-powered security products are both affordable
and easy to install. All you need is a few cameras and motion sensors to get started, and they’re easily demonstratable to potential buyers.
It doesn’t take much to convert an older home into a modern one. Smart upgrades like these may seem like a small investment, but they can make a massive impact on the decision-making of potential buyers.