Tips for your next Rehab Project
You finally found your next project. Yes, it took numerous showings with Realtors, Wholesalers, and FSBO drive bys but you did it and locked down a contract. Closing is in a couple of days, you found a hard money loan through a private lender and now it’s time to get your game plan together for your renovations. You want to make your piece of coal into a diamond for potential buyers in a competitive real estate market. Here are a couple of tips by www.capfundings.com that may help your vision.
Look at Neighbors
Do any of the neighbors have houses for sale or rent? If so stop by and take a look. Look at the level of renovations done. Are they using expensive trim packages or contractor grade upgrades? Look at floor plans. Has the kitchen and bathrooms been updated and expanded for today’s tastes? Are there special features in the neighborhood to make the houses more desirable? Maybe a deck or patio? If you love something don’t be afraid to emulate it. If you despise something make sure not to recreate it.
Think about your Buyer
Before you start your renovations think about who your buyer may be. Some areas tend to be for large families while others are single business people. A minimalist approach may not be the best idea for a family neighborhood. Many times, a real estate investor will force their personal styles on a project with disregard to who the prospective buyer will be. If you are renovating a condo downtown a southern cabin feeling may not be your best choice.
Check out Pinterest and Houzz
Most people are familiar with these apps by now, but if you are not and you are a real estate investor starting a Rehab Project, hit your app store and download them now. Pinterest and Houzz are as great ways to uncover hot trends in not only kitchen and bathrooms, but landscaping, hardware, and accessories. Beginner to Expert Renovation Professionals can design a complete project and look like an interior designer.
Did you Hard Money lender not give you as much as you wanted for your budget? It was probably for a good reason. New Real Estate Investors like to dream big on their Rehab Project, but you don’t need to. Make sure your improvements stick within your budget so you’re not left short at the end of your Investment project.
If you are not quite sure about that grey cabinet or white tiled backsplash have a friend or a co-worker take a look. Remember to try to find a second set of eyes that may be similar to your prospective buyer. They can give opinions that may be in line with a potential sale.
Whether Fix and Flip projects are your full time gig, or something you like to do to supplement your income Rehab Projects should be fun. Yes you are trying to maximize your profits and your ROI, return on investment, (see other Capital Fundings blogs about how to do that) but you still want to have fun in the process.
If Fixing and Flipping houses is a part time gig or your full time job please check out how Capital Fundings can help you achieve your goals. We offer great service, great rates and great terms AND our valued experience in the Central Florida Real Estate market. Apply online now at www.capfundings.com