Sell a house you rehabbed
If you have ever tried to sell a house you rehabbed, it can be a daunting task. Here is a case study you can read thru before you take on a rehab project.
We got a call from a seller that had a house they needed to sell. The house was a wreck. Carpet torn out and half the kitchen cabinets missing. We found out later that the wiring had been ripped out and had to be completely rewired. The seller was a wholeseller that got in over his head and needed to sell. We bought the house from them as we do and started the job of putting the house in retail condition. It must be noted here that this is what many people fail to do before they put a house on the market at full retail price. They fail to make the house full retail quality.
We took down old panels and unrepairable parts of the house including some drywall that had been in the basement during a recent flood.
Here is the part of this article you need to listen to. Selling a finished product! Once we got the house finished. We had it painted refloored and detailed the way we liked and by some suggestions by our contractor that was in the field and saw some of what people were buying.
After the house stayed on the market for a while, we finally got some feedback that people didn’t like the color choices we had in the house. We learned a house you rehab has to have the latest trend in color and features. People get the ideas of what they like from TV, so that is where you must go to get the ideas for the house you rehab.
Next we added a backsplash in the kitchen to add some modern touches that people said they wanted
After we finally got a real estate agent we like doing business with involved in the sale of this rehab, we learned the Jake and Jill bathroom this house had was also a turnoff for many people. Apparently parents don’t want to share the bathroom with the neighboring kids anymore. We paid to have the guest room door closed and sealed. Now it’s a true master bedroom. We got the house sold after a year on market and we made about $2000 in that project. Don’t ever say “we buy houses” companies make big money.
To stop this problem from happening to you, here are the ideas to use. Get the best people for the jobs you have. Let the agent with the best reputation sell the house, pay attention to the market when you trim the house. Let the people buying it (Not You) tell you how it should look. Finally, if the work you have to put into the house won’t bring up the value, don’t do it. Just sell the house at a discount and let them do it the way they want. You will still go away with about the same money and a lot less headache. Good luck,