Building Wealth - Flipping Houses - Real Estate Development
In building wealth and retiring early, we are flipping houses. I'm going to run through the typical kitchen remodeling ideas you can make to a kitchen to maximize its value while minimizing your costs. Here are a couple of pictures of the kitchen in its current state for your viewing pleasure.
The first thing that should jump out is the darkness of the kitchen. The dark paint, dark wood, and dark tile do not allow any natural light to reflect off the walls. So, job number one - light paint on the walls, white trim, and white outlets/covers. This will brighten the kitchen up, make it look bigger, and make it more inviting. And this is a very easy DIY home improvement.
The second thing I immediately notice is the appliances. First, there is no microwave - very bad. Second, the other appliances are mismatched; the diswasher is black and stainless steel, and the refrigerator and stove are white. Job number two - stainless steel appliances in the kitchen. It will give an updated, modern look, and provide a good contrast with the brightness of the kitchen.
The third thing I notice is the countertop - old, uninviting formica. Although this house may not be in the price range for granite ($70-$80/sq. ft), there has got to be another option. We are thinking concrete ($50-$60/sq. ft). It is contemporary, modern, and looks great.
Finally, and this is a small touch, is the hardware on the cabinets. There is no sense in modernizing this kitchen only to leave the kitchen hardware with a gold, old-style finish. We'll go online and find some hardware that fits better with our overall theme of the house (young, vibrant, contemporary).
Hopefully this will help you lay out your house flipping dreams (or keep progress on ours - whichever you wish). Either way, next time I'll outline our plan for three of the four bedrooms (one needs its own plan), as I work my through all the changes we are making to the house.
How to Flip Houses Successfully