Accord Real Estate

Maximising Profits: How To Flip Your Home On A Budget?

Dubai’s property market has been shining bright since early 2022, and it comes as no surprise that one of the best ways to make a profitable sale is by selling a lifestyle rather than a home.

Think about it, this year in July 2023, client registrations rose by 139% in one year! And as we welcome a growing influx of residents, demand for homes isn’t slowing down anytime soon.

So, have you been thinking of profiting from Dubai’s property market by updating your property as a listing?

You might want to consider flipping your home, and here’s a guide on how you can go about it! Fear not, we shall make it budget-friendly.

Begin strategic planning

The first step is always to begin with a clear plan outlining your budget, goals, timeline, and the scope of work. To do this, you would want to identify which aspects of the property need the most attention and allocate your resources accordingly.

This could include making a list of places that need repairs, or maintenance, repainting areas that need attention or lighting up dimly lit rooms.

Research!

As you’re planning to sell your property, it’s important to take time and research the local real estate market, trends, and comparable property sales.

Understanding your target audience and market demand will guide your renovation choices. Also, if you are looking for key insights into Dubai’s property market and the top transacting areas, you could check out Allsopp & Allsopp’s Data Hub for real-time local market trends.

Budget ahead!

If you plan to run on a budget, and make the most of it, we do suggest prioritising your budget based on high-impact areas such as the kitchen, bathrooms, and curb appeal.

Allocate funds wisely to areas that can dramatically enhance the property’s value and appeal. These are your main selling points and what will attract buyers.

Should you DIY or call a professional?

Now while you might be at a budget, you might want to consider hiring a professional in certain aspects to enhance your home.

Not that it’s bad to leverage your skills and consider tackling certain tasks yourself, like painting or landscaping. For complex projects, hiring skilled professionals can save time, prevent costly mistakes, and ensure a polished result.

If you offer your buyers the feeling of a fresh new space, they’re most likely to envision themselves living there, as it’s not super personalised but rather welcoming.

Thrift around!

Who said everything has to be brand-new? If you’re planning to revamp the space from top to bottom, one way to stick to a budget is by shopping smart.

Start by exploring thrift stores, salvage yards, and online marketplaces for affordable materials and furnishings. Upcycling and repurposing can add unique charm without breaking the bank.

Consider enhancing the space!

Your space needs to give off a welcoming vibe to your visitors, and you want to do that by focusing on cost-effective cosmetic upgrades that deliver a big impact, such as fresh paint, updated hardware, modern light fixtures, and stylish centrepieces.

The magic of curb appeal!

First impressions matter. And your curb appeal is the first impression, so we suggest enhancing it with budget-friendly landscaping, a well-maintained lawn, and attention to exterior details like the front door and mailbox.

Maybe a fresh coat of paint on your front door, or maybe yard lamps could go a long way!

Revamp those important areas!

Kitchens and living rooms are prime areas for adding value. They’re the ones most families spend a majority of their day at and so that’s the place they’ll imagine themselves first at.

You could enhance these spaces by opting for budget-friendly options like resurfacing cabinets, updating countertops, clearing up the space, maybe adding some coffee table accessories such as books or centrepieces and adding new fixtures for a refreshed look.

The second place you want to consider refurbishing are the floors:

Consider affordable flooring options such as laminate, vinyl, or refurbished hardwood, if you plan to fully revamp it, but if you want a miniscule change, you could cosnier waxing the floors for a fresh look. Professionally cleaning or refinishing existing flooring can also breathe new life into a space.

Get rid of the clutter!

A clutter-free and well-staged home can make a significant difference. Clear out excess belongings, rearrange furniture, and add tasteful decor to showcase the property’s potential.

One thing potential home buyers are looking for is extra storage, and showing them that the home is clutter-free and open is definitely an instant win! Plus that won’t cost you anything, so you’ll be saving money making your home look more appealing!

Make energy efficient upgrades around your home

Installing energy-efficient appliances, LED lighting, and sealing gaps can not only appeal to eco-conscious buyers but also help you stick to budget, while lighting up the space!

Be ready for contingencies!

It comes as no surprise that unforeseen challenges can arise, so set aside a portion of your budget for contingencies to cover unexpected expenses. This could include a broken pipe, or even repairing a broken door knob!

Keep an eye on the market

Flipping homes and succeeding often depends on timing. Keep an eye on market trends and aim to sell during peak buying seasons for optimal returns. Or else, consider opting for short-term rentals, as flipped homes are more in demand for short-term rentals.

Maintain attention to detail

Small touches to your property can always go a long way. Consider adding a plant in an empty space or even keep an eye out for repairs, as that’s usually what your potential buyers are looking to NOT find.

Want to know more?

If you found this guide, and are keen to know more – Get in touch with our team of experts to help you sell your home!

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