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Last Updated: May 14th, 2012 - 22:24:01 |
When rehabbing a house bought as investment property, what repairs will ready it for a resale that will earn us a great financial gain?
When home remodeling there really is no secret to the process leading to a successful sale. Two important categories must earn our attention. The outside and the inside.
Think about it. We want our investment real estate to have an edge over all others. Therefore, we must do the home improvement repairs that most positively affect the resale. So, which is more important when remodeling a home, outside or inside?
Well when planning home improvement design, a book is always judged by the cover. Think about what you would first notice as you approach a house.
Would you buy a newly roofed house or a property with a 20-year-old roof? The one with fresh paint or a peeling onion? New windows, new siding? A real estate investment that has a front yard landscaped or a house with a concrete garden?
When remodeling homes, always begin at the curb, just where the buyer begins. Curb appeal is how we are going to make the sale. So start on your outside first. If the house needs a new roof, your home improvement contracts start with the roofer. Swap any rotten boards. Paint with several trim colors modestly arranged. Hang some new shutters. Then affix the house numbers under new exterior lights. Replacing old windows in front is vital. Just in front, the curb appeal on the drive up is what is important. Also central is a new front door. Cleaning, mowing and some extra landscaping are also vital in the front.
Now your investment home is marketable. However, you are only half way there. Now that you have stopped the best flow of qualified sale leads with your curb appeal, you do not want to dishearten them with your inside.
Once again, what home interior decorating would tease you to buy it? Are you fond of new light fixtures shining over new counter tops, with ceiling fans adding a cool breeze in between? Would you prefer home improvement tile in the kitchen or floorboards that show signs of mice; the latest carpet or insect infested carpet? New double sinks in the bathroom or new linoleum? Central Heat and Air?
Each property will need a rehab plan calculated to add curb appeal. The kitchen and bathroom home improvement are critical to your overall success. To generate an ultimate interest and increased demand, unique and unanticipated items should be added. For instance, interior home decorating should incorporate such things as a security system, hot tub, bay windows, skylights, mini-blinds, microwave oven, and a garage door opener...etc
At last, you have your home improvement costs for the curb appeal “outside” and the cozy living “inside.” Now prepare that last crucial budget: the remodeling home costs that are mechanical and structural to ensure FHA compliance with construction standards. We have this moral and ethical obligation even if we are selling a house “As Is.”
Also, by even basement remodeling if the need calls for it, we help more potential buyers qualify for a mortgage loan under for first-time homebuyer government programs.
Finally, we should guard our investment loans by making sure that it is all done by licensed general contractors or by a handyman under a licensed subcontractor. Each rehab project should be closely monitored. Work progress and expenditures should be tracked and recorded in a project file. Photographic documentation is appropriate.
When we follow these three steps, we will have triumphed. First, beautifying a curb appeal “outside” our investment properties attracts the buyers. Second, creating a cozy living “inside,” with innovative interior remodeling, sends them straight to signing a contract without looking at another house.
Yet still third, our structural house shows that we care about our buyers. Thus, they send many more referrals, who become many more real estate leads that become clients and we gain many more giant profits on future sales.
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