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Top Tips for Adding the Most Value – Reveal of the Oakwood Overhaul Flip

kitchen renovation, house flipping, before and after, kitchen design, real estate investing, flip house, kitchen renovation, kitchen remodel

Our Oakwood home is a unique project that posed a couple of new challenges when it came to maximizing the spaces. Here, I’m sharing the planning and overview of how re-configuring this home maximized the potential and created a space that was truly one of a kind.

Getting Started

When it comes to sharing before and after photos of projects, sometimes pictures don’t truly show the extent of the transformation.  Often the best outcomes are when there was a belief that the best option for the house was to replace it with a new construction home.  With this project there was definitely a choice that could have gone either way.  

When it comes to renovating and improving houses I guess you could say I fall on the “save” side of the fence.  The houses I tend to find are those that have potential to be greatly improved upon from their current state. And that is where the value comes in.   There is a tremendous benefit to improving an existing house.  Primarily, time.  It takes a lot less time to renovate than to build a new home. A new construction home will also be a higher priced home. The ability to offer a home that is completely updated and move in ready to a larger audience of home buyers allows us to take on more projects.

So with this house it’s worth noting that the neighborhood is one that is very small and highly sought after.  But, within this neighborhood, not all streets are created equal.  

You’ve likely heard the saying about location in relation to real estate but in some neighborhoods it may vary from block to block.  This house was tucked into a block where many homes have either undergone extensive renovations or been built as new construction homes.  

The upside to working with a rambler built in the 1960’s is that there are very few original details to incorporate into the renovations.  It is truly a blank slate.  Even down to the lack of hardwood flooring.  From a design perspective, I look for opportunities to add in elements of charm. This house has more than most due to the expansive and open floor plan that was created.  

 

Areas for potential

  1. Bedrooms and baths

Flipping is all about the value that you can add.  With the renovations, this home went from a 3 bedroom and 2 bath to a 4 bedroom 3 bath house.  The open layout, mudroom, master suite and fully finished basement were all areas that contributed to the increase in value. 

2. Additional living space

This house was larger than many homes in the neighborhood. The main floor was nearly 2000 square feet. And the lower level (or basement) was primarily unfinished. Except for the mural and the bar. By finishing the basement we were able to nearly double the livable space in this home. Added square footage equals added value. Plus, this newly completed lower level includes a new bedroom and bath.

3. Kitchen upgrade (with a mudroom on the side)

As with most renovation planning it starts with the kitchen.  Asking what buyers would expect in a home in this neighborhood is a key starting point, even before an offer is submitted. The original house had the kitchen tucked into the front corner of the house with the door to the garage in the middle.  As we worked on the layout, it became apparent that this kitchen would actually be the perfect location for a mudroom.  A space that has become a staple for homebuyers.  

To create the new kitchen space we got a bit creative and did something we’ve not done before….we moved the staircase to the lower level.  By shifting the stairs 3 ½ feet it made space for an island and plenty of space all the way around.  Incorporating walkways around islands insure a design that is both functional and practical.  

With the main floor adjustments to the kitchen we were able to place the living room in the same location and anchor it with the fireplace as a focal point.  That left the dining room.  Since the original dining room had become the new location for the kitchen, We fortunately had a large space off the kitchen that may have once been used as a second living area.  This became an ideal location for the new dining space.  It was spacious enough to accommodate a table and seating for any number of gatherings.  

With every flip our goal is to increase the value of a home by adding the elements that create a beautiful and functional home. The formula of location, spaces and finishes is the ultimate combination to realize the potential of these homes.

Ready to take that next step when it comes to flipping?

That’s why I’ve got additional resources to help you get the information you need to move forward on creating your flipping life.

Make sure you have the Fixer Upper Checklist so you know which areas are key to added value in a home.

There are several videos available on finding houses, renovations, and funding on the Threshold Homes YouTube Channel. Check out your favorite flipping topics and new videos weekly.

You can’t close a successful and profitable flip unless you start. What is your biggest challenge is with getting started house flipping? Let me know. It may be an area I’ve also had questions about myself. I’m here to help so drop me a DM.

Amber

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Want to buy a property and renovate it?

I have a freebie checklist that will help you — 8 Things I look for When Purchasing a Home. Just click here to download it.

Love before and afters?

Follow us on IG @thresholdhomesmn and FB  @thresholdhomesmn to see the projects we’re working on. And for more ideas on renovating & restoring fixer-uppers!

Looking to buy a house to renovate? Check out the fixer upper checklist to help you find the house with the most “flip” potential.

For more inspiration follow me on Pinterest @thresholdhomesmn

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