A rehab is only successful if you can sell the property at top dollar. You can do everything else right but if your property doesn’t sell it may not make a difference. To generate maximum demand you need to do the right work. This means thinking about what buyers in your market are looking for. The best rehabbers have the discipline to focus on buyers instead of making improvements that appeal to themselves. By putting buyers first, not only will you get your rehab sold quickly, but often for the highest possible price. Every market is different, but there are a few common items that almost all buyers look for. Whether you are rehabbing or trying to sell a rental property, there are a few things that buyers look.
- Wow Factor. It may be difficult to visualize the finished product as you are doing any work. With everything you do, you should think about it will show when you are done. You want your property to be like a good movie. As soon as they walk into your house they should be interested for more. Take a look at the entryway and consider how you can deliver appeal almost as soon as the front door opens. This should start with the physical door itself. If the front door is old and outdated, a new door can make a world of difference. From there, look at the walls by the entry. A nice mirror, a new shelf or even something as small as a coat rack can make a buyer feel at home. That is one of the secret keys to getting a home sold. The more a buyer can envision themselves in the property, the greater chance they will make an offer. Walk into your property and see if there is a wow factor when you enter. If not, you need to add something that makes a buyer want to keep looking.
- Updates. Any time you put your property on the market, it is compared to other current listings. While you may be in a struggle to keep your expenses down, you also need to know where to spend money. Buyers in any market are usually willing to pay for quality. You don’t need to update the property with top of the line items across the board, but it should be fresh and new. With your updates, you should focus on three major areas: the bedroom, bathrooms and kitchen. It is no secret that these areas have the biggest impact with potential buyers. Updated basements and living rooms are nice but they are currently viewed more as a bonus than a necessity. Start with the kitchen. In a recent poll, the kitchen was the one room in the house that most buyers want updated. Granite countertops and stainless steel appliances are nice but may not fit with your market. Update the floor, countertops, cabinets, stove and appliances in line with the area. The next area of focus should be the bathroom. For as little time as people spend in the bathroom it is an important selling point in a home. Again, you don’t need to break the bank with the bathroom but it can’t be outdated. Look for updates to the vanity, flooring, sink and possibly the toilet itself. Finally, you need to update at least the master bedroom. Kid’s rooms are important but the parents are the ultimate decision makers when buying a property. If the master bedroom holds appeal, this could be enough to persuade a buyer. Think of ways you can maximize the space of the room.
- Curb Appeal. You can’t put all of your resources on the interior alone. As important as a new front door is ,the very first impression of a property comes from the exterior. If the front yard and landscaping is a mess, it may not matter what the interior looks like. There is a lot that comes into play with the exterior. Start by looking at the physical property itself. A good power wash can remove years of dust and dirt buildup. You don’t need to replace the roof, but there shouldn’t be any old and decaying shingles either. You should also look at the shutters, front steps and any walkways. The exterior can become labor and time intensive but can also hold the key to giving off a positive first impression.
- Neutral Colors. Everything you do to the property should hold appeal to the greatest amount of people. You may personally like a certain color or pattern but you need to take personal feelings out. Even if you think it is boring, buyers like neutral colors on the walls and even floors. These colors provide a canvas for buyers to make any changes they see fit. A red living room wall may look nice to you but most buyers don’t want to paint the house as soon as they move in. Stick with neutral colors when choosing a paint color.
Doing good work may not be enough to sell a property. You need to do the right work. If buyers don’t find your home appealing it will have a hard time getting sold. Every improvement you make should be done with the thought of a buyer in mind. If you focus on what buyers in your market want you will have much greater success turning your property over.
