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RE: The Real House Flip - with @Mattifer
This is going to be interesting. A friend of my is an interior designer and she was telling me that you should not look at how the space currently looks but at how it will look once you finish :) So I like your attitude with seeing the potential.
I am not sure if I understood the whole post though. What are you planning to do with the house once you finish? Are you going to sell it (You mentioned potential buyers)? Or are you going to use it for business (You mentioned that the kitchen will bring you the highest ROI)? Just curious :)
Good luck with the project Jen! It looks like you had some exciting times ahead :)
We are going to sell it. In the States, when you 'flip' a house, it means you buy it, fix it up, then resell it as soon as possible.
What I meant by the ROI is that each dollar we put into remodeling the kitchen will increase the overall sales price of the home by the highest amount. For example, if I put $5,000 into fixing the kitchen, I could see an $8,000 increase in the listing price. If I were to put that same $5,000 into improving a bathroom, I may only see an increase of $6,000 in the listing price. On the other hand, if I put $5,000 into fixing up a bedroom, I may only see an increase of $3,000 in the listing price. These are all hypothetical numbers, by the way.
Kitchens are always one of the biggest selling points of a home, so money spent in a kitchen is always money well spent.
A big part of flipping a house is knowing which areas of the home to focus on. We want to make sure everything is done well - but we want a few areas to be spectacular.