Rehabbing a property has its many advantages and risks involved. You should know what you are getting into before you begin the process. Work with potential buyers or renters to figure out what might work best for them and for you as far as customizing the home will go and how it might be financed. The important thing to do is to weigh all of your options ahead of time and know what you’re getting into up front.
Homemade is in
When starting a new rehab project, consider what trends are in right now. Right now homemade or custom made are very popular. Take this into account as you prepare the property for rehab. There are a number of customizable options you can offer to potential buyers or renters that will help you sell or rent your home.
Staging Draws People In
Making a connection with buyers or renters is a very important process and staging a home can be the best option for doing so. Whether it’s using models or a set up unit, you can change the way people see the space. You want your potential buyers or renters to connect with your space so make the effort for that to happen.
Designs that Can Easily Be Customized
There are a number of designs that you can customize for a homebuyer. From flooring and appliances to doors, lighting and paint, the options are virtually endless. Offering options for buyers or renters can help sell or rent your property very quickly but it is not without risks. If your buyer or renter backs out at the last minute, you’re stuck with the customizations you have done and are left hoping someone else will like the same things. Fear not, you can offset this with a few different strategies!
You can attempt to prevent a buyer or renter from backing out by requiring a large deposit up front considering that you will be putting a great deal of time and money into the rehab project. Keep in mind that not all renters and buyers may be interested in this option, but the right ones will commit to pay the extra deposit. Another option is to offer a home that is ready to be customized by the buyer or renter in a designer-ready type property. Offer a property that the buyer or renter can work on themselves to add their own touch. Keep in mind that this option can become pricey so if they aren’t sold on the idea up front try offering a credit at closing, credits toward the improvements or money at escrow to help them make the changes they want.
In the end, it is your decision whether to rehab the property or not. The important thing is to understand all the pros and cons that go along with each. Keep all of your options open and do your research to see what might work best for you. In the end, remember to communicate with your potential buyer or renter to see which option they might be more willing to work with.