We recently got a call from an investor in Maryland who wanted to start flipping houses in Campbell by using double-escrows. After asking him some questions about his experience with Campbell Fixer Uppers, we referred him to the following Top 6 Questions:
1) Bathroom and Kitchen: The biggest need for upgrades of Campbell Fixer Uppers that we have seen are in Kitchen and Bathroom which are the safest upgrades since the ROI on these investments are more than 100%. For a Small kitchen Remodel Allocate $800-2,000 to counter tops and 2,000-5,000 for Appliances. You can also allocate $3,500 for each Small Bathroom Remodels. As for appliances we strongly recommend our investors avoid Viking since we have been severely disappointed with their quality.
2) New Flooring: Every major fixer upper will require flooring which is not that expensive these days. Allocate $2-$5 dollar for each sqft of flooring that you have to repair. This estimate include both labor and material. Some of the pre-finished Engineered wood floors are wonderful and can save tons of time and money from staining the raw wood multiple times.
3) Electrical: Adding recessed lights gives a home a much more modern feel and is not that expensive with each can costing less than $10 depending on the style and trim you choose. If you have to change the panel, then allocate another $1,000 for the panel.
4) Roof Repair/Replacement: It’s safe for a buyer of fixer upper to allocate $6,000 for a Small (Single) Roof and $10,000 for large Full Size Roof. If you have to remove multiple layers of shingles installed, you need to add $1,500 for labor and dump costs. Adding new insulation should also save you on your heating and cooling costs.
5) New Windows: It would be safe to allocate an average $300 for each window when you are considering a Campbell Fixer Uppers. We strongly recommend Anderson Windows is a wonderful alternative to Vinyl Windows if you have a fixer upper flip in a high end neighborhood. If you will need larger French or Sliding Doors allocate $1,000 per door.
6) Landscaping: First impressions are critical in re-selling a fixer upper property and Allocate $1,500-$2,000 to create a positive 1st impression in the front and back yards!