When we are flipping homes we are looking for consistency. One of our consistent items has been our appliances. We use the same builder grade appliances all of our properties up to $300k. We will upgrade for higher priced properties since they are generally pickier buyers. Here are 3 tips to keep in mind when choosing your appliacnces.
1. Use stainless steel: We use stainless steel appliances because it is very popular and is a big bang for the buck. We always want a few WOW!! factors with our properties. People buy based on emotions, so the more warm fuzzies they have while viewing our properties the better.
2. Buy builder grade appliances at your local appliance wholesaler.
We use Frigidaire or GE appliances, depending on what is currently on sale. We receive investor prices at a local appliance store which saves us a little bit each purchase.
3. Skip the refrigerator.
There is alays differing opinions with this one. Many people believe in providing a refrigerator. I've always gotten away without putting them in my flips. Buyers won't be impressed with a cheap entry level refrigerator, and a good double door refrigerator is $1500 - $2,000. When you are flippin 20+ homes per year that really adds up.
We always put in matching microwave, dishwasher, and stove combos. This generally runs around $1,200 installed and with all the installation kits.
We found a system that works and we stick with it. Appliances is now one item we don't have to think about. We just order them and move on to the next issue. The more systems and processes you can incorporate into your business the more time you will have to grow and do more deals.
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