Fix and flips have become a popular pastime for many, thanks to the shows you can currently find on TV. The concept is simple enough. Find a great deal on real estate that may be a little rough around the edges. Purchase it at a very low cost. Then put some muscle into fixing the place up, and sell it for a nice profit.
Of course, once you buy it and start making decisions, you can see your profit margin slipping away. Every problem needs a fix, and the fix is often more expensive than you planned for.
So you try and cut corners where you can.
But cutting corners on important things may reduce your profit even more. Buyers want certain things in a new house, and if you don’t provide it or go for “cheap” instead of quality, it will impact the bottom line.
And the flooring is one of the prime examples where this process comes to light.
When you see a bargain in flooring, you might be tempted to install it. Will it really matter?
What is the best flooring for flipping a house? The answer might surprise you.
What is the best flooring for flipping a house?
We wish there was a simple answer to this question. But like every question out there, the answer for this one is: it depends. Before you settle on a particular type of flooring, ask yourself a series of questions.
What neighborhood is the house in? Your goal is to sell the house to a potential buyer who wants to live comfortably inside this new neighborhood. They want to fit in. They have the desires of other people currently living in this community. You wouldn’t want a Mercedes in a community that thrives on pickup trucks. Likewise, exotic hardwood wouldn’t appeal to a homeowner in certain neighborhoods.
What are your pricing goals? How much did you buy the house for? How much do you hope to sell it for? That’s your sticking point for the work you’ll put in it. If you blow the budget on flooring, it means other upgrades in the house will be lacking. Look at the overall project to determine how much you can put into each room and material.
What is your budget? Before you ever purchase your first tool or appliance, it’s important to determine how many individual projects you’ll be completing throughout the home. Assess how much of your budget you wish to spend on each room, each material or application. It’ll help you make wise choices as you make your selections.
Stick with flooring principles – they’ll win buyers every time
It’s easy for a “fix and flipper” to focus so much on profit, they forget that in the end, this is a home a family will love and want to come home to. Think logically with your choices, settling in on things you would want for your own family.
In the end, when it comes to selecting flooring, homeowners have a few principles they stick to across the line.
1. Consistency is most important. You don’t want a hodgepodge look. You should never have more than three styles of flooring in a home, and transitions matter most when creating flow.
2. Select hard surfaces over carpet wherever possible.
3. Carpet is for bedrooms only. You can install it in the basement if you’re adhering to a budget. But in all other cases, keep carpet at a minimum.
Let’s start with your main living spaces. As you walk in from the front door, cohesiveness is important. Start here with the flooring material you want to install, and use it on the main level as much as possible. Use the same flooring, the same color, the same pattern.
You will see a better ROI by making everything the same.
Next, think hard surfaces. Hardwood is preferred by most homeowners. However, that doesn’t mean you can’t find the hardwood look in other products. Look at luxury vinyl planks. Consider laminate. There are amazing products in the marketplace today that can create a beautiful look at a reduced cost.
The smaller the home, the more you should consider using the hard surfaces throughout. If you do want to fall back on carpeting because of costs, add it to the bedrooms only.
A few flooring options for flipping a house
With all of these ideas in place, it’s time to select the right flooring for the home you’ll be putting on the market soon.
Hands down, hardwood is always a good choice. In every neighborhood, every price range, it’s the flooring people want.
Luckily, there are many ways to install it. You can stick with the standard materials, such as oak, and have the planks laid into place. You can choose finished or unfinished, having it stained after installation.
Hardwood is what people want, because it offers years – decades – of enjoyment. Homeowners know they can refinish it in the future and still have lasting effects.
We’ve mentioned it several times, while carpet is economical, that doesn’t mean you should install it throughout the home. Presentation is everything when it comes to maximizing your profits. If you want to get all you can from the home, leave carpet in the bedroom.
If you’re looking for a more economical hardwood, consider engineered hardwood. It gives the same look and feel of hardwood because it is real wood.
Engineered hardwood planks are created in layers to increase durability and moisture resistance. That makes it a great choice for laying throughout the home because it works well in basements and kitchens.
Plus, the potential homebuyers will love the look.
Luxury vinyl planks
There’s another entry in the marketplace that is catching decorators’ eye. Luxury vinyl planks are resilient, waterproof, and the perfect addition in many situations.
Because technology has increased so much in recent years, it’s often difficult telling this product apart from the real thing. But because it handles better in all situations, it’s a great choice for putting into bathrooms, laundry rooms, and below grade rooms like basements.
Plus it gives a crisp, modern look any homebuyer will love.
Are you fixing and flipping a home?
Then make the right choice for your situation.
What’s the best flooring for your fix and flip remodel?