Before
A savvy budget-stretching option? Sealed concrete overlay. A reputable installer who can lightly sand the floor to rough up the existing tile surface, re-adhere any loose tiles and grout, and add two to three applications of self-leveling concrete overlay and sealer can produce a strong, beautiful modern floor that adds an undeniable “wow” factor for potential buyers—but at roughly a third the cost of traditional replacement options. Using low-grade options for tile, countertops, and appliances is a solution many investors feel they must resort to, but salvage and surplus supply stores can be a treasure trove of high-end materials at deep discounts. They can even be more cost effective than “going cheap.” Discontinued or unclaimed custom orders of everything you need—granite, tile, lighting, appliances, bathroom fixtures, cabinets, flooring, doors, and even windows are available at a fraction of the cost of “cheap” materials. Consider windows for a moment. Many older homes have odd-sized, energy-wasting eyesores with rotting frames that need to be replaced. Ordering custom windows is budget‑crushing in terms of both money and time. Consider replacing them with slightly smaller, new salvage store windows that are easily reset, Sheetrock patched, and trimmed out—without blowing the budget. This solution works excep- tionally well if exterior siding is on the list to be renovated. Even if new exterior siding is not in the plans, a larger exterior window frame or sid- ing transition can complete the repair and even add coveted curb appeal. A good way to stretch the budget for appliances and kitchen cabinets is to browse local marketplaces for sellers remodeling their own
After
A neglected 1970s-era split-level updated to a neo-craftsman cottage using the window hack mentioned in the article. Surplus windows retailing for $220 each were purchased new at $40 each, with an additional 10% discount for purchasing tile, bathroom fixtures, and lighting for the same project. Always, always ask for a discount. The only other answer besides “no” is “yes.”
kitchens. Mixed cabinets can be reconfigured and painted, and gently used high-end appliances are budget-maximizing superheroes. These cost-cutting tips may seem time-consuming, but keep in mind that many salvage and surplus stores generally have enough inventory to make it a one-stop-shopping trip as long as you come armed with measurements for the items you’ll need. Most even offer delivery options, or contractors can usually pick up purchased items if agreed upon up front. By far, the most important hack for ensuring that you stay on target and maximize profit for any real estate investing strategy is to start
right with your initial numbers. Use trustworthy real estate investing software, reputable and licensed inspectors, contractors, and service providers. In the long run, you’ll save time and money and avoid expensive pitfalls that can happen when you try to cut corners. Think creatively, be open-minded, and invest smart. •
Suni Goff’s passion for real estate remodeling design and her talent for insightful, well-researched writing are the cornerstones of a prolific, successful
career that spans 20 years in the real estate marketing and rehabbing world. Goff has ghostwritten numerous professional articles, educational programs, and books for 11 best-selling authors.
10 | think realty magazine :: may – june 2022
Made with FlippingBook Online newsletter