Types Of Rehab Properties To Buy
What are the best types of rehab properties to buy (2 brm 1 bath, 3brm 1 bath, 3 brm 1.5 bath, etc, etc, etc.)? Which ones sell the quickest? Also, is a property that only has onstreet parking (no driveway) something to avoid?
Kitchens and baths are the most important rooms in any house. Buy something where you can do this and more. If you have access to a contractor that you can trust, you can do more with fire damaged buildings etc.
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You can always talk a buyer who needs 2BR's to buy a home with 3, but you can NEVER sell a 2BR to a buyer who needs 3. That's a key.
As far as baths, 2 is ideal, even 1.5 is good. Selling a 1 bath is not impossible, however. That depends on your target market and your buyers needs.
Also, if you're selling in a major metro, off street parking is a major plus, but hard to come by en masse. Don't let the curbside garage scare you.
Just sold a housed I rehabbed this winter. At the closing the wife said 4 times how the kitchen was what sealed it for them. $1100 in cabinets from The Depot did it.
I will copy this from Kevin Myers. once you have the 3 Br 2 bth use the CKB sizzle approach.
C=Curb appeal
K= Kitchen
B= Bathroom
Sizzle= the little features such as the gold faucet that sells the lady or the tile entryway
Women are who make the decision to buy a house, the man jsut doesn't want something he has to work on
In most areas and most markets 3/2's are the highest demanded and easiest to unload.
This may vary in markets that are more expensive (Boston, NYC, southern California, etc).
In a nutshell you should find out the price range of your average buyer then find out what that buys.