When you are selling your home, you’re looking for the highest return on your investment. You need to factor in what will sell the fastest and at the highest price. Both of these are critical and these factors will vary based on the home’s structure and price/tier neighborhood. We all know that house flippers are in this to maximize their profit. A big part of that will be the final selling price and the time to actually flip the home (meaning the time to renovate and the time on the market).
When flipping houses you want to find the flooring that is most preferred and expected for the neighborhood. You would never want to over optimize (because then you are leaving money on the table and won’t sell beyond a certain price). At the same time, you do not want to under invest as you would under optimize the return. You want to take the Goldilocks approach.
There are a few rules to remember when flipping houses.
- Consistency of flooring surfaces through the house
- Prioritize hard surfaces over carpet
- If you decide to use carpet, limit them to bedrooms and basements only
It is in your best interest to be consistent with your main flooring surface for as much of the home as possible. This will help make your space look and feel larger and more unified. So whenever possible, make the main living areas (family room, living room, entryways) the same type of flooring as kitchens. This also means bedrooms should be the same as well. The moment a prospective buyer enters a home for the first time, they are most likely headed straight to the kitchen. This is usually the most important room in the home with the most foot traffic. The second most important is the bathroom. Reserve a significant portion of your home flooring renovation budget for these rooms. This is where you will get the most bang for your buck.
Hard surfaces are always preferred over carpet. While hard surfaces (hardwood or tiles) will cost more, it will improve the overall value of the home, furthermore being able to sell for a higher price. If you must cut costs due to budget constraints, you can consider carpets in bedrooms where they are more accepted by potential buyers. While hardwood flooring is preferred in bedrooms, carpet is the next best option and is almost always preferred over laminate, which looks and sounds cheaper (but can often be more expensive than carpet).