When evaluating the long term prospects of a fix and flip project, the floor plan is just as important as any potential physical issues you may come across.
A house needs a relaxed and logical flow while appealing to potential buyers. This includes things such as the size of the room and its location, as well as the positioning of common objects like the closets or kitchen cabinetry.
It’s also important to be vigilant about something called functional obsolescence, a term that refers to obsolete layout or functionality that can be hard to change. To provide an example, consider a moment where you may have had to walk through one bedroom to reach another. Perhaps you’ve noticed that the bathrooms are not on the same floor as the bedrooms, another example.
The essential thing is to take into account and make a note of items and issues that can be improved or fixed while remaining within the budget you’ve designated for repairs and improvements, versus those that you can’t do anything about. Some ways to improve your return on investment include removing walls to create space, adding a half bathroom, the addition of another bedroom, or converting a basement into a living area.
This update is by hard money loans Miami company Monroe Funding Corporation, a direct equity lender serving clients throughout Central and South Florida. We specialize in first mortgages on non-owner occupied residential and commercial property investments as well as real estate loan options. Our fast and flexible loan programs get you to the closing table quickly and professionally. For more information on hard money lenders Miami or Orlando hard money lending, please call 954-816-0388 or fill out our application.