Renovations that add the most value?

[dwford]

Since I am working on my first flip, one of the things I have struggled with is what improvements to make that will net me the best return. There were some repairs that were non-negotiable - roof, electrical, plumbing, kitchen - but others that I question. Family and friends all have their opinions, but no one wants to write me a check for them?!

For example:

Updating the installed lighting - does it add value? Should I spend $50-$100 on a new light fixture or go cheap and spend $10, or just leave what's there?

Bathrooms - I have a bathroom that has yellow tile on the walls, yellow tub and toilet. Should I replace, respray, or make it work? The tile is in good condition.

Which home improvements give you the best return?

[dealmaker]

Far and away the best % return is always on a gallon of paint!

Kitchens and baths are the best "big" projects. Women buy houses and they're more likely to notice things in those two areas. A "dated" look in either one is a sale killer.

That doesn't mean you have to go with granite counter-tops a $7K Sub Zero fridge and a $4,000 cooker. Anything to make those two "light and bright" is good, but I always like to take my time and analyze before I start tear out. I have a bit of a "tin eye" for some things so I invite friends to look, particularly lady friends before I tear out anything.

I once had a dark, outdated looking kitchen that I thought was going to need BIG BUCKS to update, my flooring guy looked and said to tear out the old, dark vinyl floor and put in something lighter, a lady friend said to replace the cabinet knobs and light fixture. I had the flooring guy put in a lighter vinyl floor and did the rest myself, total cost about $600! It changed the entire look of the house.

I'd probably rip out the bathroom, but I like doing baths. I tend to hit yard sales and thrift shops for light fixtures, they're just "background". I buy the least expensive ceramic tile I can find, sometimes mixed lots. IMO yellow in a bathroom screams LATE 1960s.

Good luck.

dealmaker

[brianb_cobbres]

Since I am working on my first flip, one of the things I have struggled with is what improvements to make that will net me the best return. There were some repairs that were non-negotiable - roof, electrical, plumbing, kitchen - but others that I question. Family and friends all have their opinions, but no one wants to write me a check for them?!

For example:

Updating the installed lighting - does it add value? Should I spend $50-$100 on a new light fixture or go cheap and spend $10, or just leave what's there?

Bathrooms - I have a bathroom that has yellow tile on the walls, yellow tub and toilet. Should I replace, respray, or make it work? The tile is in good condition.

Which home improvements give you the best return?

That depends on your competition. Check out other houses for sale in that area in our target price range and make your decisions from there.

My opinion is change out every fixture in the house. Light fixtures can be cheap if you shop around and changing out light switched, outlets, and cover plates only costs a couple bucks if you are comfortable doing it yourself. Remove as many potential objections as posssible.

Maybe it was Dans book or someone elses about 10 day rehab that even went as far as replacing all the door hinges and knobs with nice shiney new ones. I never would have thought of the hinges but will now do it on every project.

[BSH]

I agree!

A coat of paint can make all the difference in the world!

New light fixtures do not have to be expensive, and they can really bring a place up to date.

And, yes, changing out hardware--whether it be door knobs or hinges--can make a huge difference, too!

I go through, and anything that says, "I'm old and tired," goes.

I have a question: How do you resurface tile, toilets or tubs? I've contacted those very expensive companies (they charge like $950 to put a new "skin" on a shower/tub!)--there's gotta be a better way!!!!

[dwford]

Well, the whole house is getting a coat of paint (replacing ancient wallpaper in every room). I am painting ceilings, walls, and trim. In the downstairs I am replacing all the window moldings, light fixtures, the kitchen, refinishing the kitchen floor and updating the bathroom. Upstairs is getting refinished hardwoods, a new floor in the yellow bathroom, new sink and bath hardware, a new toilet seat - who knew you could still get that color yellow! Outside got a new roof, siding, railings on the front and side stoops, and landscaping.

My competition, for the most part, have had updates over the years but not a recent top to bottom renovation, and prices range from about $185k to $229k. I am asking $218.

[Aldo]

A property that appears out-dated might be a hard sell. If the light fixtures are old, replace them. A good source for attractive, inexpensive fixtures would be www.wilmar.com which is also a great resource for about a kazillion other things you might need.

Yes, kitchens and bathrooms are the most critical rooms. The yellow tile may be okay if it's a pale yellow. If not, you might consider removing/replacing it. The yellow fixtures have got to go. The toilet can be replaced for less than $100 and, for about $350-400, you can have the tub refinished with a 5-year warranty. That is likely to be less than the cost of replacement and it is NOT a DIY project, so don't even consider it.

The absolute most important thing is the street-appearance of the property. Remember that first impressions are lasting impressions. If the house is ugly, folks will drive away. If it's pretty, expect showings. Ensure that the front landscaping is attractive, install a (cheap) shiny new brass mailbox and doorknob/lockset, make sure the paint is an attractive color and in excellent condition, add shutters if they fit the decor, etc. Do whatever it takes to make the house pretty from the street.

[jimco]

I spent a year rehabbing a place on weekends. The kitchen was very smallwith a small dining room next to it seperated by a wall. Knocked out the wall and put extra wide counter top on new counters to open kitchen into dining room. Actual usable space isn't any different in kitchen but it looks lots bigger without the wall. New vinyl tile in dining room and kitchen make it look like one room.
New Paint throughout the house, inside and out.
New flooring and vanity and tub surround in bathroom.
refinished wood floors.
it was a lot of work. Paid 12k for house, put 13k into repairs, broker says it should sell for about 50k. Not bad for 1st investment. Now just need to sell it to realize the profit.

Anyway, Kitchen and bathroom usually bring biggest returns when rehabbing. Make it like a woman would want it is the exact truth. They will be 90% of the reason the house is bought.

One more thing to consider that is very important is curb appeal. Make the house and landsacpe look good. If someone drives up and the steps are falling apart, the shrubs are skeletons, no grass, whatever it will be a huge negative. The kitchen abd bathroom rehabs are for naught if people don't want to come into the house. Curb appeal is crucial.

Jimco

[Judd]

Edited

[BSH]

I was actually talking about places like "Rebath" and such--they actually install a new "skin" over existing tubs and showers. They also claim to be able to do the same thing for tile (although I'd heard about the paint for tile--it SHOULD be a DIY job--doesn't sound complicated. But I've never found the materials available at my usual big orange box store). Anyway, they were going to charge $900 to put a new skin on an old tub I had. I said forget that, and ripped out the old one, removed the door jamb and pulled a new unit into place for just $250. Voila! New bathroom. I suppose it'd be worth it in a project that didn't lend itself to opening up the doorway or something. But $900 to cover a tub in a rental house? No.

Anyway, if anyone else has any suggestions, sites, resources, tips, whatnot about how to resurface old tubs or tile and such, I'd be very grateful to have such information.

I'm sorry--I suppose I should have opened up a new thread on this one. Sorry.

Thanks everybody.

[skruffy]

There are many refinishing companies that charge between $275 and $550 that will refinish your existing bathtub. My company charges $350 with a 5 year guarantee. Be careful with the DIY kits from the box stores. I fix a lot of those when they start peeling up. Our website has a lot of useful information on refinishing at WWW.miraclemethod.com or just google bathtub refinishing

[Aldo]

Be careful with the DIY kits from the box stores. I fix a lot of those when they start peeling up.
I support that 100%. Before hiring professionals, I used the DYI kits on several fixtures, each time being more careful in following the directions. Without exception, every fixture I refinished began to peel within six months.

Eight years ago I had a tub professionally refinished with a 5-year warranty for $375. That tub looks as good today as it did when the work was completed. Be sure to follow the cleaning insutructions and use the recommended bathtub mat if you choose to use a mat. Also, do not apply those non-skid decals.

I would also suggest only considering this for bathtubs and/or fiberglass shower enclosures. I had a few of the old wall-hung cast iron sinks refinished and had problems. Whether it's your home or a rental, the finish will become damaged due to use, error, or abuse. If a dish or cooking pot is dropped into a refinished sink (we all do that from time to time), there's a high probability that the finish will chip. Once the finish is compromised, it will begin to peel.