When doing a fix & flip on an investment property, your end results will really be determined by how you approach the renovation job. Sometimes you may tempted to cut corners because you don’t really see the property as a home, but simply as an investment. This is a flawed way to approach a fix and flip if you really want to maximize your profilt potential.
If you go into a reno with the main objective being to cut your cost to the very minimum, you’ll find yourself possibly stuck with a truly undesirable property. Cutting corners on things as simple as a kitchen backsplash, can result in a cheap looking home that sells for nothing near the comps (if it sells at all).
When you plan out your budget and start to consider materials to be used in your renovation, ask yourself if you’d be interested in buying a home with those finishes. If your answer is no, then it may very well be the same for others. Now, this is not to say that your rehabs should all be customer to your particular taste; you have to try to keep it neutral, but at the same time consider the quality levels that your buying market is going to be looking for.
The bottom line is that if you really want to be successful in your real estate investment endeavors, you must make sure that each step is carefully measured and that you follow a plan that works. Once you have developed a plan that works for you, you will be able to repeat that success on your next project, and the one after that & so on. In all of your planning with respect to your renovation work, just keep in mind the market that you are going to be trying to reach when the time comes to rent or flip the house. Spending a few extra dollars on finer finishes and higher quality fixtures will likely net you a much better return on your investment of time, effort & money.