When it comes to property rehabs in Savannah, this blog post will reveal 6 things you should consider, because these factors could make the difference between success and failure.
Rehabbing a property is a lot of fun. But there are pitfalls you’ll face as you acquire, rehab, and sell the property. If you’re not careful, these pitfalls could hurt your chances of a successful and profitable rehab! But we are here to help with 6 things to consider when executing an investment property rehab in Savannah…
6 things to consider when executing an investment property rehab in Savannah
#1. What Do Your Buyers Want?
When choosing colors and countertops, it’s easy to get caught up in the details, but keep in mind that you’re ultimately rehabbing to sell, so be sure you select colors and decorations that buyers want to buy.
#2. Speed To Sale
A lot of rehabbers get pulled off track taking their time in different areas of the house, perhaps only working a 6 hour day and then going home early, or deciding to take the weekend to think about which countertop is the best one for the property. The quicker you make a decision, the sooner you sell, the faster you make money. That’s really it.
In order to make money, rehabbers must work quickly, but municipalities rarely grant permits promptly. Should you keep working anyway? Should you wait until a permit comes through? As always, keep in mind that local laws must be followed, but permits may take a while to issue in some cities.
Having a realistic budget should be the starting point for all your decisions and it should be the foundation of all your decisions. One area that rehabbers get off track is in making many small decisions outside of the budget. On their own, each decision may not seem like much, but they absolutely add up!
Some rehabbers choose to demo, fix, rebuild, improve, or expand on properties themselves and others choose to hire a team. Construction teams adds costs to your budget but can get a rehab done quicker. It’s more complicated than that because a team can also add scheduling challenges to a rehabbing sale timeline. If you hope to have a successful rehab with a team, you need to have mastered leadership skills.
The sooner you sell your rehabbed property, the better. Plan to do a lot of various marketing regularly, on multiple media platforms, to get the most eyeballs as possible on your property!
Planning to rehab a property? These are 6 things to consider when executing an investment property rehab in Savannah to ensure you stay on track and increase the likelihood of success.