Home Renovations: Profiting off a flip, where should money be spent when fixing up a home for resale
Part 1: Look At Comparable Properties
Don’t over-renovate. Only spend on upgrades that add value.
The three key factors in valuing residential real estate are location, location and location. This is important to remember when figuring out what improvements to add.
It is very easy to over improve a property and end up with a product that is beautiful, but overpriced for its location. While some buyers might spend a small amount more for a more improved property, they will not likely spend a significant amount more if there is nothing in the area selling for that high of a price.
Remember, not all improvements add value. Such things as