Pump Up The Value Of Your Rehab Real Estate Investment

Pump Up The Value Of Your Rehab Real Estate Investment



Pump Up the​ Value of​ Your Rehab Real Estate Investment
There are two legal ways to​ increase your wealth .​

1 .​
Keep more of​ what you have (e.g., tax strategies, rehab efficiencies, cost savings)
2 .​
Add value to​ something (e.g., a​ real estate investment, stocks, bonds)
Let's focus on adding value to​ your rehab investments .​
The most obvious is​ certainly bring it​ back up to​ standards .​
We HAVE to​ do the​ obvious things such as:
- Ensure there are no plumbing leaks and​ the​ entire plumbing system is​ in​ good working order, including potable water and​ sewage/septic and​ water heater.
- Ensure the​ electrical system is​ safe and​ working .​
This may require an​ upgrade .​
This includes all outlets, breakers, heat and​ AC.
- There can be no leaks in​ the​ roof! Obvious, but sometimes this is​ hard to​ determine if​ it​ isn't a​ rainy season .​
You might have to​ take a​ garden hose to​ the​ roof to​ be sure .​
Station someone in​ the​ attic with a​ flashlight.
- Get rid of​ any rotted wood or​ termite damage, repair walls, etc.
Those items I've listed and​ others like it​ are no-brainers .​
But how do we really add value to​ the​ eye? We make it​ pretty!
- We paint all walls and​ ceilings (usually bright white)
- We replace flooring, or​ if​ there is​ acceptable carpet or​ tile, we professionally clean and​ restore it .​


- We hang mini blinds on the​ windows.
- We trim trees and​ bushes, paint the​ outside make the​ exterior look fresh.
Now, to​ get the​ sale, or​ to​ get it​ rented immediately we do some of​ these things that really make a​ difference (notice the​ emphasis on kitchen and​ bathrooms!):
- Replace or​ refinish the​ kitchen cabinets, sink and​ countertop.
- Replace the​ toilet, vanity, and​ resurface or​ replace the​ tub.
What if​ we want to​ really make OUR property stand out on the​ market? What if​ we want there to​ be NO question as​ to​ what a​ great house this is​ in​ the​ buyer's mind? What if​ want TOP DOLLAR? Try these inexpensive upgrades!
EXTERIOR
- Put a​ decorative fence in​ front .​
Plant some shrubs along the​ front of​ the​ house with attractive landscaping bark around it​ for​ color
- Replace the​ front windows with something more attractive .​

- Install lighting along the​ walkway
- Plant a​ tree
- Install a​ new mailbox
- Build a​ deck in​ the​ back
- Increase the​ exterior lighting .​
Motion sensor lights are a​ nice touch.
INTERIOR
- Install a​ security system .​
Sometimes the​ system is​ installed free with a​ year's monitoring .​
Make the​ first year of​ free monitoring (prepaid by you) a​ selling point.
- Install a​ garage door opener
- Install a​ used hot tub .​
You might be surprised the​ amount of​ folks who no longer want their hot tub!
- Include a​ microwave.
- Buy new appliances .​
Kind of​ expensive, but a​ deal maker .​
Try making this an​ incentive for​ a​ full price offer.
- Lay ceramic tile instead of​ vinyl.
- Go with snap-and-lock hardwood flooring instead of​ carpet especially in​ a​ great or​ living room.
- Upgrade the​ faucet to​ something sleek and​ modern .​
There are hundreds to​ choose from .​
Go with an​ extra large sink.
- Replace the​ cabinet and​ drawer hardware to​ something extra fancy .​
This can make an​ average kitchen POP for​ little extra cost!
- Add ceiling fans instead of​ just new overhead lighting fixtures.
- Add chair rail molding in​ the​ dining and​ living rooms .​
- Buy the​ attractive switch and​ outlet covers instead of​ the​ basic contractor grade covers.
We, as​ investors, need to​ make the​ rehab fit our strategies .​
if​ we want to​ rent the​ property, you probably won't add as​ many upgrades .​
if​ you are looking to​ sell, and​ you need to​ get that property noticed, you should add as​ many of​ the​ upgrades as​ possible within your budget, especially the​ visual upgrades .​

I hope this list has got you thinking creatively about how to​ pump of​ the​ value of​ your next project!




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