I have heard varying opinions...when rehabbing do you like to do the full rehab then market it or do you market it during the rehab and let the prospective buyer choose some of the colors (new carpet...)?
I can think of a number of reasons to steer clear of the "tailor made" rehab.
Firstly, when you're that close finishing your rehab, the last thing you want to do is delay it for God knows how long while Joe and Mary Smith are comparing paint and carpet swatches to see if they match their drapes.
Myself, I rehab multis and convert them to condos.
I paint every unit the exact same color: Ralph Lauren "Rice."
It's not the cheapest paint on the market, but it looks fantastic and shows well at open houses. People regularly comment on how much they love the color.
But more importantly, it's neutral.
My advice. Find a neutral color, an off-white, and use it in every room. If you like it, stick with it in every rehab forever.
Secondly, prospective buyers can quickly become unprospective buyers.
I've had buyers who've signed the P & S and then at the last minute they get laid off and their financing falls through.
It would be a real pain in the nuggets if I'd already painted the condo in their favorite "pastel pink " and they had to back out of the deal. Then I'm stuck with a pink condo that appeals to a select few people. Now what? I wait for the next buyer to come along and repaint to their preference.
Sounds like a great way to get migraines.
Long story short, this is a potential can of worms.
Let's face it the majority of home buyers want pretty much the same thing. Only about 1-2% of them want a specific color scheme or unique finishes. Depending on the price of the property that percentage could go down even more.
Since you will have much better luck marketing to the other 98% who will be happy with colors and finishes typical of what they are seeing in the other houses they are looking at, I would suggest finishing the house to look like the other comps.
Save the tenant finish business for condo developers and high end spec homes.
clean inside and out. fresh paint {nuetral colors}. the key is "ready to move in!" most people do not want to do anything but "move in". thats why we are able to find rehabbs. most people do not like rehabbing. at all when they buy. they just want to "move in" so for me the best way to sell is have the home 100% ready........kenmax
I second the rehabinator, I make them look good from the outside first under the premise that every dollar spent from curb to front door is worth two on the inside.
I frequently go to the home shows and look at color patterns there and then paint the outside accordingly or according to other color choices I have liked in the past. As for carpet and flooring, have the wife select it in neutral colors. I wouldn't want to build it for one couple nad they couldn't pull it off and I get stuck with pink carpet and blue walls...
[addsig]
If it is presentable and you need to get the deal done, you can always offer a $1000 concession at close that will be used to paint it black and orange if that what it takes to close it.
I find that the first impression means alot. You will tend to get a better response if the place is ready to sell. As said throughout the posts neutral off white even khaki colors are good, and go for the eggshell it really makes a difference in appearance and durability.
If it's reasonably presentable and the can look past the dust and understand the value, bring them in.
I can think of a number of reasons to steer clear of the "tailor made" rehab.
Firstly, when you're that close finishing your rehab, the last thing you want to do is delay it for God knows how long while Joe and Mary Smith are comparing paint and carpet swatches to see if they match their drapes.
Myself, I rehab multis and convert them to condos.
I paint every unit the exact same color: Ralph Lauren "Rice."
It's not the cheapest paint on the market, but it looks fantastic and shows well at open houses. People regularly comment on how much they love the color.
But more importantly, it's neutral.
My advice. Find a neutral color, an off-white, and use it in every room. If you like it, stick with it in every rehab forever.
Secondly, prospective buyers can quickly become unprospective buyers.
I've had buyers who've signed the P & S and then at the last minute they get laid off and their financing falls through.
It would be a real pain in the nuggets if I'd already painted the condo in their favorite "pastel pink " and they had to back out of the deal. Then I'm stuck with a pink condo that appeals to a select few people. Now what? I wait for the next buyer to come along and repaint to their preference.
Sounds like a great way to get migraines.
Long story short, this is a potential can of worms.
Do yourself a favor and keep it closed.
[addsig]
Very well said monkfish!
Let's face it the majority of home buyers want pretty much the same thing. Only about 1-2% of them want a specific color scheme or unique finishes. Depending on the price of the property that percentage could go down even more.
Since you will have much better luck marketing to the other 98% who will be happy with colors and finishes typical of what they are seeing in the other houses they are looking at, I would suggest finishing the house to look like the other comps.
Save the tenant finish business for condo developers and high end spec homes.
clean inside and out. fresh paint {nuetral colors}. the key is "ready to move in!" most people do not want to do anything but "move in". thats why we are able to find rehabbs. most people do not like rehabbing. at all when they buy. they just want to "move in" so for me the best way to sell is have the home 100% ready........kenmax
I second the rehabinator, I make them look good from the outside first under the premise that every dollar spent from curb to front door is worth two on the inside.
I frequently go to the home shows and look at color patterns there and then paint the outside accordingly or according to other color choices I have liked in the past. As for carpet and flooring, have the wife select it in neutral colors. I wouldn't want to build it for one couple nad they couldn't pull it off and I get stuck with pink carpet and blue walls...
[addsig]
If it is presentable and you need to get the deal done, you can always offer a $1000 concession at close that will be used to paint it black and orange if that what it takes to close it.
I find that the first impression means alot. You will tend to get a better response if the place is ready to sell. As said throughout the posts neutral off white even khaki colors are good, and go for the eggshell it really makes a difference in appearance and durability.