As Stamford’s real estate market shifts into its boom season, it’s time to make sure your property is prepped to get the best price possible. What are buyers looking for? What is the best way to add value without breaking the bank? A successful flip can turn a good property into a must-have home for a buyer ready to say “yes” to a deal.
Tomo, a locally-based real estate company, analyzed the most successful home flips in Stamford, CT. In as little as four months, some of these properties generated incredible returns of 82% to 95%. In less than a year, you might double your initial investment with only a few key updates.
Desirable details for your property flip
The most desirable homes for sale in Stamford are elegant and picturesque. They combine old world charm, such as craftsman brickwork and established landscaping. Stamford is a homeowner’s dream, with easy access to nearby New York City. Yet, personal connections like family-owned businesses, new eateries, and plenty of green space for kiddos and dogs make Stamford feel like an attractive, settled community.
Buyers who plan to stay for the long term or investors hoping to increase their value find a lot to love in Stamford. According to Tomo’s data analysis, home flips that sell high include features that show off a property’s best qualities. The top flips in Stamford all included an updated kitchen with a tiled backsplash, granite or quartz counters, and gourmet-quality appliances.
Know your market to maximize your returns
Stamford is home to the largest financial district outside New York City. Three Fortune 500 companies and numerous divisions of large corporations are located in Stamford. With this in mind, look at the buyer’s bottom line to get the most from your flip. Homes that closed at an increase of $300K – $400K from sale price offered high-quality improvements that added to the properties’ overall value.
While kitchens were the main dealmaker for Tomo’s top three flips, there are other opportunities that can increase sales price too. Luxury details like hardwood floors throughout the home, original crown molding, or vintage details like pocket doors or French doors are attractive to buyers. Even older homes can benefit significantly from a flip that doesn’t feel like a facelift. For example, a new driveway and some attractive native plants or an added fire pit or landscaped patio can make an outdated home feel inviting and fresh, offering major curb appeal.
Here are the listings that made Tomo’s Phenomenal Flips List
269 Oaklawn Avenue
This classic charmer was completely rebuilt—without sacrificing an ounce of elegance. Purchased for $385K, this property’s price tag almost doubled to $735K when it sold in January. This home boasts a fireplace, hardwood floors, lovely natural light, and thoughtful built-ins, plus more room to grow in an unfinished basement, large yard, and gardening shed.
54 Butternut Lane
From its vaulted ceilings to the new L-shaped kitchen and breakfast bar that lead out to the sunny patio, this house offers maximized living spaces inside and out. Detailed wainscoting and a stone fireplace offer the grandeur and comfort that Stamford is known for. This home’s price increased 83% on the original investment, making it a standout flip for our community.
1430 Long Ridge Road
Set on a one-acre grassy knoll, this new 3-bedroom 2.5-bathroom home with a full basement is packed with thoughtful details that maximize comfort and quality. A new patio, driveway, deck, and kitchen, plus hardwood floors throughout nearly doubled this property’s sales price in only four months!
Why list your property in Stamford now?
The cost of a kitchen remodel, which is what all three of Tomo’s top flips have in common, generally runs $150 to $250 per square foot. All three flips were also complete home renovations which can be accomplished in a short period of time. Since flips don’t have to alter structural layout, these changes don’t require long-term construction.
It can be tempting to move on quickly from a flip property. We suggest taking a moment to look at strategies and approaches to add value that puts money in your pocket. Comparing your property to other listings will help you identify what’s boosting valuation in Stamford and get the most from your real estate sale.