Idiot's Guides - Flipping Houses by Tim W. Lenihan & Patricia Burkhart Smith

Author:Tim W. Lenihan & Patricia Burkhart Smith
Language: eng
Format: epub
Publisher: DK Publishing

Definition

A tract home is one of many similar homes built on a large tract of land subdivided into small lots. Because developers use only four or so floor plans for an entire community, even if it has thousands of houses, tract developments became infamous for having a cookie cutter look.

Obviously, a kitchen with top-of-the-line appliances, a farmhouse sink, designer faucet and lighting, solid wood cabinets and floors, and top-grade granite countertops is going to cost a lot more than a kitchen with builder-grade appliances, standard lighting and sink, vinyl flooring, Formica countertops, and particle board cabinets. You might be able to do the less expensive one for $15,000, while the designer kitchen could cost as much as $50,000 to $80,000 or even more.

Why would you ever choose to do the $80,000 upgrade? Because the two kitchens will attract different kinds of buyers, and there’s a place in flipping for both of them. Just make sure the materials you choose fit your project. If you are too tightly focused on the bottom line and mistakenly put the $15,000 kitchen in a house and a neighborhood that clearly calls for the $80,000 kitchen, then your savings will get eaten up while the property sits on the market as puzzled buyers pass it by.

If you’re still unsure which way to go in materials selection, visit open houses for flipped homes in the same neighborhood as yours to check out the kind and quality of materials your competitors are using. Don’t copy their designs or choices, just get an idea of what they are using in their flips. This research can serve as a very valuable guideline until you become more familiar with choosing your own materials.

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