Remodel vs. Flips — understanding the difference matters in a long-term home investment.
Reality: Most home buyers want a home that’s “move in ready.” Investors, listing agents and savvy sellers know homes that show well sell faster and for more money.
Opportunity: No home is perfect. Those in need of updating or sold “as is” may offer buyers the opportunity to save significant money, if they’re willing to invest their time and elbow grease.
Challenge: Some “flipped” homes consist of little more than “slapping lipstick on a pig” and jacking the price. Examples include cleaning, painting and re-carpeting. If that’s all a home needs, then great … it’s a win-win. Some homes need much more and cosmetic fixes merely put a veneer on a sub-par property.
In older neighborhoods, buyers may want to search for a home that’s been “renovated” which, for today’s article means, its had extensive work done to professional standards. Quality counts. Google home renovations to read expert advice and data regarding projects that payoff, and those that don’t.
Location matters. The seller of one of my listings in Reno decided to buy and renovate a 1970s-era five-bedroom property zoned for some of the city’s most established schools. She intended to live there for years, then sell. She did a huge renovation. Professionals replaced the roof, furnace, a/c, water heater and updated the electrical. Inside, professionals installed new hardwood floors, gutted and remodeled kitchen, remodeled all the bathrooms, painted, updated light fixtures and more. Overall, more than $200,000 in updates brought this old home into the 21st century. The home shines.
The cost: At $600,000, this home’s features and amenities now compare favorably to many newer homes in the same zip code — plus it has RV parking and the advantage of not being in an HOA.
Whomever buys this home will have the best of both worlds — a quality-renovation of a home with character set in an older neighborhood near popular schools. The list of upgrades completed by licensed professionals makes it it so much more than a flip. If this appeals to you, contact me for a private showing!
Interested in learning more about this home or about real estate in Reno? I can help. Contact me! Email: email@example.com. Office phone: 775-850-5900.
Holly O’Driscoll is a Realtor at Chase International Real Estate in Reno, NV.