Flipping a property is not just about making it look nice, it's all about the wow factor! Have you ever gone to an open house, or even had a virtual tour of a property and there where certain details or rooms that literally made you say "WOW"? Well... that's what I consider a wow factor. A wow factor is an eye-catching detail in a home that when done correctly helps the house sell itself. Depending on what your wow factors are it may increase the value of the property.
Being said, keep in mind that the purpose of a wow factor is to sell the home. Don’t get distracted and solely focus on the value, you may find yourself taking on unnecessary projects and spending unnecessary money from your budget. Wow factors should NEVER break your budget. It’s all about the little details that add up to the bigger picture. Every property I flip is guaranteed to have a kitchen & bathroom that makes a potential buyer fall in love – these are 2 non-negotiable wow factors for me. The third wow factor I choose always depends on the property.
If the house has a nice yard, I may add a deck. If the basement is partially finished 9/10, I’ll finish it. I found in my experience that buyers get excited from the thought of having extra space in their homes to turn into whatever they’d like. Whether it’s a man cave, gym, or a playroom for children. A finished basement is an example of a wow factor that could increase the value of your property... when done correctly. As mentioned above, not at all wow factors have to be a big project. If you have a tight budget, consider things like refinishing the brick of your chimney or even tiling it. Other options include redoing the staircase, or adding high ceilings (some properties have dead space in the ceiling). Whatever you decide to do just remember that the goal is making a potential buyer say “WOW” as soon as they open the door. What are some wow factors that your home has? Leave a comment below.
And if you're a property flipper tell me your favorite wow factors you incorporate into your houses. Be sure to share this with an investor you think would appreciate this article!