Don’t ever put appearance over substance or put profit over integrity
Balancing a rehab project can be a challenge when the goal is to improve the property, get it back on the market as soon as possible and hopefully someone will appreciate your masterpiece as much as you do and want to live there enough to pay you a fair price. The risk can be reduced if when planning and budgeting for your rehab that you not only think like a buyer but you think like an inspector. Barnacled plumbing stacks, windows that aren’t functional, cracked foundations can be expense to repair and don’t necessarily improve the over-all aesthetic value of a project. It is hard to imagine a buyer coming in and commenting, “what a gorgeous plumbing stack”. In fact, an improvement that costs thousands of dollars may never even be noticed by a buyer at all. When a rehabber sees a return in such necessary improvements is during the inspection period.
stay away from the “all show and no go” rehab model
The buyer’s original lust may start to wane a bit by the time the inspectors start digging into the not so pretty places of your rehab. Just like the drop dead car you wanted to buy but once your dad popped the hood and test drove it his opinion quickly sucked the wind out of your sail. This too can happen when a buyer begins to learn what lurks in the panel box and pipes of the new abode. The buyer’s diminished affection for your rehab can sometimes threaten the actual sale of the property. Don’t ever put appearance over substance or put profit over integrity. The last thing you want going into the final lap on the way to the closing table is the buyer feeling like your rehab is “all show and no go” potentially killing the deal.