Home Improvement Secrets from a Pro House Flipper
July’s blog features Joe Slowey, realtor and owner of JMS Property Development, Inc. Reach him with questions at slow072@yahoo.com.
Joe Slowey admits that his start flipping houses didn’t go well. He bought three undervalued houses in 2000. “And then 9-11 hit,” he remembers. Twenty years and many successful flips later, Slowey counts that experience as a part of a steep learning curve. “There’s a lot to learn and you often run into unforeseen expenses.” Today, this licensed realtor and flipper has the experience and know-how to figure out exactly what a run-down house needs to become a showstopper that sells quickly. Here, Slowey gives his top professional tips for homeowners or real estate investors when choosing renovations.
Kitchens and Bathrooms Sell
You’ve heard it time and again. And Slowey affirms this fact, too. “You get your biggest bang for your buck with a kitchen renovation. And bathrooms are very important, too,” he relates. And while buyers and owners alike love the attraction of a brand-new, nicely finished kitchen, don’t neglect the need for more than one bath. Slowey doesn’t hesitate to add a second bathroom to his flips, even if it means pulling back a little on the kitchen renovation. In fact, bathroom additions in the Mountain West returned about 54.1% to home value according to Remodeling magazine’s report.
You Need Good Bones
Electricity, plumbing, roofing—all those unsexy maintenance items have to work. Slowey describes himself as “very OCD” when it comes to these vital house functions. “I don’t want the inspector to find anything!” Whether you’re a remodeler or a buyer, resolve these items first before tackling the luxuries. If you’re considering a big kitchen remodel, but your roof has two layers and is 30 years old, get the roof done first.
Carpet & Color
Take a tip from bank-owned properties. They always feature new carpet and paint because they never fail to impress and are two of the most affordable improvements. Keep the paint neutral, advises Slowey, restricting bold paint choices to one or two accent walls. As for carpet, he says buyers notice if you cut corners and go for cheap carpeting. Sloane’s Carpet Secret, a local, family-owned carpet store, offers premium carpet with slight imperfections for up to 70% off. So, you get high-end carpet for a big value. Plus, their no-frills warehouse routinely stocks over one million square feet of carpet that you get to see and feel first-hand. Sloane’s also offers Luxury Vinyl Plank–a hot, new product that wears like iron.
Details, Details, Details
“You’d be amazed at how much changing out doorknobs and cabinet hardware can polish the look of a home,” Slowey comments. Swap out those chintzy, standard doorknobs with timeless polished nickel ones. All it takes is a Philips head screwdriver and about 10 minutes.
Buy In Bulk
Whether you’re remodeling a rental or tackling a big renovation in your own home, Slowey recommends reaching out to local suppliers for bulk pricing. You have to think like a flipper and plan out every detail, and then order all of your supplies and finish materials at once. But the savings can be significant, says Slowey.
Lastly, after you’ve determined just which improvements make sense for you, Slowey says to rely on the professionals for major renovations. After two decades of flipping, he is pretty handy with small jobs, but he also knows when to tap into his trusted network of contractors. He doesn’t quibble with them on their prices, as they’ve proved reliable over the years. “Don’t take the lowest bid, you’ll probably end up regretting it,” he says. “Get reviews from family, friends and neighbors.”