Top Design Hacks to Save Money Whilst Increasing the Value of Your Home
Sidney Torres can be considered somewhat of a mogul when it comes to property development. Through his trade, he has been able to successfully flip quite a number of properties. He first started out by flipping a home on a salary of just $40,000 a year. Using his profits, he proceeded to purchase a property next door before the obsession with the industry began.
At present, Torres has developed more than $250 million in commercial and residential real estate. He now dedicates his time helping struggling property investors find their footing on CNBC’s “The Deed.” In one of the upcoming episodes, Torres is visibly seen helping out James Brook, a New Orleans-based home flipper, manage his property on a tight budget. Torres advises Brook to implement a couple of design hacks in order to save funds while flipping properties.
Playing It Safe
In Brooks’ case, he wanted to use complex tile patterns, this meant that he was limiting the playing field. Torres does not recommend such designs because they tend to require more funding and materials. Instead, home flippers should seek to keep things simple and symmetrical.
Financial experts recommend individuals to ensure that they have first saved up to six months’ liquid savings before embarking on any investing venture. In essence, one needs to put enough into a 401 (k) to get an employer match. Lillian Wu of Research Affiliates says that to ensure that the math adds up, individuals need to hold less risky fare like bonds. At times, issues like taxes and penalties mean that cashing out a 401 (k) becomes the last resort. Thus, it’s always important to have some safe money stashed away someplace in order to handle any possible situations that may arise.
Buy Cost-Effective Materials
To perfect the trick, Torres is of the opinion that one should handle such excursions in the same manner one would with every other purchase. That means that one shouldn’t be satiated without fully shopping around. Torres shared that he made full utility of this particular technique when he was shopping for his stair spindles. In the end, the managed to find a perfect offer with each costing $5 at an architectural salvage place. The only drawback he could list out was the fact that some extra carpentry work had to be done. Still, he maintains that overall, it was definitely worth it because it was a considerable value-engineering win.
At the same time, Brooks managed to save big on the flooring by repurposing materials at his disposal. During a tour, he mentioned to Torres that his materials were originally drawn from all the multiple houses that he had owned through the years. He said that he intentionally harvested the flooring in order not to have to buy any.
Maximizing on Original Features
Torres insisted that for house flipper to realize any benefit from all their efforts, they need to first learn how to maximize all that they already have to work with. In Brooks’ case, they decided to make utility of a couple of historic features like French doors, fireplaces, and mantles. To ensure that they remained in pristine condition, they first cleaned them up, instead of having to head out to the stores to acquire new models.
For this go along smoothly, tackling one room at a time is recommended. Listing out all the things necessary to achieve the lush look one is going for needs some planning, but by tackling a single room at a time, one can make large strides all at once.
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