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Flipping Fixers: Using Transformation Psychology for Top Dollar
Satisfying and lucrative real estate investment depends upon your correct assessment of profit potential, of course, but your ultimate success depends on your ability to transform a fixer into a dollhouse. The renovation process involves physical work and choosing the best supplies, in order to create maximum positive emotional effect and profits. By incorporating the psychology of residential design, you can make wise choices in transforming your fixer house by using colors, textures, building materials, and decorations that will assure a future speedy and cost-effective sale. The psychology of residential design addresses the entire home, inside and out, but the techniques of Transformation Psychology are a bit different, because your ultimate goal is different. The use of Design Psychology in your personal home is much more individualized, while renovating a doghouse into a dollhouse integrates more generalized design ideas to create a home that will be appealing to a broader spectrum of people. Using Transformation Psychology to increase your real estate profits means that you must learn how our human senses and emotions are affected by our decorating details and choices of materials. Buyers view a prospective home with their eyes, but their brains interpret what they see and feel according to subtle touches you have purposefully put into your house. Process of Transformation Psychology Your goal is to create a glorious home that buyers won't be able to live without, and that process begins with planning all the changes that will be necessary, from inception to realization, in order to accomplish a total makeover of the house. Color Psychology Determine your potential buyers' income level and your selling season. Use simple colors for less expensive houses and complex colors for upscale markets. Add in warm colors to attract buyers during cooler weather and cool colors to attract buyers during hot weather. Texture Psychology Many investors fix up houses to flip without considering how the vacant house will 'feel' to prospective buyers. This isn't a problem in hot selling markets, but selling a vacant house in a buyer's market means you need to outshine the competition instead of pricing your home lower. Vacant houses often feel cold with all hard surfaces. Avoid a boxy, hard feeling by adding soft textures. Window coverings, towels in the bathrooms, and a lightweight round table with a fabric tablecloth add texture to soothe the buyer's emotions. Buy Materials with Drama in Mind Instead of buying the cheapest lighting fixtures, cabinet hardware, and other building materials, look for additions which buyers fall in love with. This doesn't mean you need to spend more, just be selective. We found an awesome chandelier for only $25 at Restore (Habitat for Humanity's thrift store); I found matching wall scones at Lowe's (where the chandelier sold for $300). Paying $50 more for the wall scones than most investors would have meant little when the house sold for more than any other home previously sold for in the neighborhood. We love taking a dirty doghouse and turning it into a marvelous dollhouse, and we're willing to invest more time and money than the average investor in order to achieve a truly dramatic transformation. We usually spend about $12,000 for each renovation, which includes the cost of materials and outside help. Many investors spend much less, but they make less profit when the property sells. Real estate investing takes skill and planning, but using Transformation Psychology can give you a competitive edge, taking a doghouse and turning it into the kind of dollhouse that buyers will stand in line to bid on. (c) Copyright 2004, Jeanette J. Fisher. All rights reserved. About The Author Professor Jeanette Fisher, author of Doghouse to Dollhouse for Dollars, Joy to the Home, and other books teaches Real Estate Investing and Design Psychology. For more articles, tips, reports, and newsletters, see http://www.doghousetodollhousefordollars.com/.
MORE RESOURCES: Mapped: Global Real Estate Bubble Risk in 2024 Visual Capitalist Home Prices Are Plummeting in Some of the Nation's Most Desirable Places To Live—Especially in These 10 Cities Realtor.com News As Hurricanes Strike, Insurance Costs Soar for Commercial Real Estate The New York Times Florida's real-estate market is on edge amid back-to-back hurricanes Business Insider Exclusive | Tom Cruise can rest easy after Florida penthouse survives Hurricane Milton unscathed New York Post David and Victoria Beckham Buy Miami Mansion for $80 million Mansion Global Mormon Church's Real Estate Arm Buys 46 Farms Across 8 States DTN The Progressive Farmer Richmond City Council again delays real estate tax decision Richmond Times-Dispatch Real estate agent weighs in on 46% property tax increase included in Innamorato’s budget proposal WPXI Pittsburgh Mayor Wu’s line in the sand on property taxes doesn’t make political or economic sense The Boston Globe What's the Word on Portsmouth Real Estate: Experts to speak at forum Seacoastonline.com Bachelor’s of Science in Real Estate Finance and Development (BREFD) USC Sol Price School of Public Policy The Pipeline: Commercial real estate roundup for 10.11.24 RichmondBizSense Adams Real Estate Chief Jesse Hamilton at Crux of Big Deals Boosting Struggling Commercial Landlords THE CITY Welcome to Real Estate Friday! theberkshireedge.com Texas mom, luxury real estate agent missing after party at exclusive private club, husband arrested Fox News Louisiana’s insurance crisis expected to hang over real estate market in the coming year FOX 8 Local First Dallas real estate mogul buys downtown Greyhound property The Dallas Morning News Insurance costs squeeze commercial real estate as climate risks rise Environmental Health News Invesco Real Estate’s Bert Crouch On the Rise of Alternative Lenders Commercial Observer Here are the latest Manitowoc County real estate transfers from Sept. 30-Oct. 4, 2024 Herald Times Reporter Inked: Recent LI real estate deals Long Island Business News Portsmouth condo sells for record $5.8 million. Seacoast real estate inventory rising. Seacoastonline.com Dollinger Master of Real Estate / Master of Business Administration USC Sol Price School of Public Policy REAL ESTATE | Grand opening of Eisenbahn Village on Sunday, October 13 in West Bend, WI washingtoncountyinsider.com Dollinger Master of Real Estate Development / Juris Doctor USC Sol Price School of Public Policy Current Real Estate Roundup - October 10, 2024 Nantucket Current Brooklyn Real Estate Market Report: 3Q 2024 Corcoran Inhabit Real Estate: September 2024 Coronado Market Update Coronado Times Newspaper Nonprofit Investment Vehicle SparkYouth Gains Critical Support From Commercial Real Estate Industry Commercial Observer Real Estate Directory for October 11, 2024 The Garden Island Photo tour of custom home listed at $12.75M on historic Seaspray Ave. in Palm Beach Palm Beach Daily News How a Small Real-Estate Developer Is Building a Big Portfolio Hawaii Business Magazine Louisiana’s insurance crisis expected to hang over real estate market in the coming year FOX 8 Local First New Adams-world bribery probe eyes city leases and a top real estate firm Crain's New York Business Kern of Sweeney Real Estate & Appraisal sells 3,223 s/f Millers Tavern restaurant New England Real Estate Journal Online Point Park University study recommends adding restaurants, real estate investments Downtown WPXI Pittsburgh Real estate notes: $10M Lake Keowee home takes title as Upstate’s biggest sale The Post and Courier Real Estate: Who's Your Neighbor? East Hampton Star Buzz on Business: New Verdi Production Announced; Big Real Estate Sale East Greenwich News Billy Joel Is Selling the Mansion He First Saw While Dredging Oysters The New York Times This 1940s house on the market in Vermont is a time capsule. Take a look Burlington Free Press What's the most expensive property sold in RI? Oct. 11 real estate transactions The Providence Journal Quebec Real Estate Market: A Very Active Third Quarter Boosted by Lower Interest Rates and the Return of Buyer Confidence Yahoo Finance Bachelor of Science in Real Estate Development (BRED) USC Sol Price School of Public Policy Real Estate Transfers: Oct. 10, 2024 Suffolk Times Blocksquare Partners with FractioneX to Empower First Time Real Estate Buyers (11 Oct): Guest Post by Chainwire CoinMarketCap News | As San Francisco sees modest job growth, the region's commercial real estate responds CoStar Group SmartCentres Real Estate Investment Trust to Release 2024 Third Quarter Results and Host Conference Call GlobeNewswire Shelter Island Reporter Real estate Transfers: Oct. 10, 2024 Shelter Island Reporter Stan Lee’s Final Home in Hollywood Is for Sale, a Luxury Development in Austin Breaks Ground, and More Real Estate News Architectural Digest Opinion | A lost Trump interview comes back to life The Washington Post Commercial Real Estate: A Cause for Optimism Connect CRE Real Estate Prices Up, Sales Down in September Brownwood News Buying A House In 2024: A Step-By-Step Guide Bankrate.com What we know about Brad Simpson, husband of missing Realtor Suzanne Simpson San Antonio Express-News Dollinger Master of Real Estate Development (MRED) USC Sol Price School of Public Policy Sale closed in Hatfield: $789,000 for a multi family MassLive.com |
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