Flipping Houses 101
Focus on the Outside of the House
Thanks in part to popular home improvement television programs like HGTV’s Desert Flippers, a show the Overhead Door™ brand has participated on for several seasons, house flipping has continued to grow in popularity. According to a report from Attom Data Solutions, more than 207,000 homes were flipped in 2017 — the largest amount in a decade.
While house flipping can be lucrative, it’s also risky work, especially if sellers aren't informed about the most valuable upgrades that will yield the highest return on investment. Knowing exactly where to spend money is key to a successful flip.
Curb Appeal Wins Every Time
Firstly, when it comes to selecting a house to renovate, it’s important to find one that is structurally sound, only requiring cosmetic changes. A house that has black mold or a cracked foundation can trap people into a money pit before renovations even start. Once the house is deemed safe and updates can begin, it’s time to focus on the outside.
In general, work done on the exterior of the house generates higher returns than interior improvements. According to
REMODELING magazine’s 2018 Cost vs. Value Report, the three projects with the highest year-over-year increase in value are upgrades that can be seen from the street. Why? Well, real estate professionals say curb appeal is pivotal to making a favorable first impression and therefore, it largely impacts resale value.
The Most Valuable Home Improvement Projects
House flippers should invest in replacement projects, such as new street facing windows, doors, siding and garage doors, to help secure a bigger bang for their buck. In fact, according to the Remodeling Magazine Cost vs Value Report (the “Report”), an updated street facing garage door earns a 98.3% ROI, which is the highest on record out of all popular home improvement projects nationwide. In select markets, such as the Pacific region, the Report indicated an ROI can reach up to 121 percent for a new garage door!
Need further proof that garage doors and exterior upgrades are a good idea for a successful flip? Take a look at these transformations featured on season three of Desert Flippers. The Overhead Door™ brand outfitted each home with a new garage door, helping to provide stunning curb appeal. These flips netted a considerable profit.
Aluminum 521 garage door introduced a modern touch that Desert Flippers host Lindsey Bennett says enhanced the entire home. Aluminum garage doors are designed to stand the test of time, offering enduring beauty. The door’s crisp lines and sleek design perfectly complement contemporary-styled homes, while bringing natural light into the garage for a beautiful interior space.
insulated Thermacore® garage door helped turn this home’s original lackluster facade into a distinctive exterior. With several panel designs to choose from, Thermacore® garage doors offer complete flexibility from customizable window placement, to colors and hardware. The Thermacore® promise is that it is as attractive as it is durable. The door also has a continuous layer of foamed-in-place, CFC-free polyurethane insulation.
In need of a modern garage door for your next flip?
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