If you are thinking about doing house rehabs, this blog post will reveal 6 points to consider when executing an investment property rehab in San Antonio — these could determine whether you fail or succeed!
Rehabbing a property is lots of fun. But there are pitfalls you will 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 San Antonio…6 things to consider when executing an investment property rehab in San Antonio
#1. What Do Your Buyers Want?
It is easy to get caught up in choosing colors and selecting countertops but the most important point to keep in mind is that you’re ultimately rehabbing to sell, so be certain to select colors and decorations that buyers will pay for.
#2. Speed To Sale
Where a good deal of rehabbers get off course is taking their time in different areas, maybe only working a 6 hour day and then going home, or even deciding to take the weekend to consider which countertop is the best one for the house. The faster you sell, the faster you make money. Period.
Rehabbers need to work quickly to earn money but municipal governments, who grant permits, don’t tend to move very fast. Should you continue working anyway? Should you wait till a permit comes through? We always advise that you remain compliant with local legislation but this is sometimes a challenge since cities may take a while to issue permits.
Your budget, after realistically set, should be set in stone and every decision should be made with your budget in mind. One area that rehabbers get off track is in making a lot of small decisions outside the budget. Each decision on its own may not look like a lot but these costs add up fast!
Some rehabbers choose to rehab properties themselves and many others choose to utilize a team. A team adds costs to your budget but can get the rehab done faster. But it’s more complex than that since a team may also add scheduling challenges. If you would like to have a successful rehab with a team, you have to master the art of leadership.
The sooner you sell your rehabbed house, the better. Therefore, plan to do a lot of marketing regularly in order to get the most eyeballs on your property as possible!
Planning to rehab a house? These are 6 things to consider when executing an investment property rehab in San Antonio to make sure you stay on track and increase the odds of being successful.