When rehabbing a house, you won’t need to inject too much personal preferences. The best thing to do is to dispose of them. While your personal touch will surely matter if you are not moving out and is repairing your own home, it won’t do you any good in the real estate business.
If you want to rehab houses for leisure, then it’s okay to insert your favorite colors and materials in the plan. But if you really want to make business, don’t exert unnecessary effort. Leave personal and emotional stuff behind.
The problem begins when workers start rehabbing a house. Neophyte rehabbers do not notice it but they lose a lot of money when they opt for their personal preferences over what actually is more practical. For instance, the property needs a new carpet. So you go to the local home shop to look for a carpet. Your contractor tells you that a neat light brown color is better because that particular shade will make the room look larger. But because you really love the hot pink, you pick hot pink and your contractor can’t do anything about it. Ninety days after the houses is completed, it still lies idle.
While there is nothing wrong with liking the color hot pink, it would be better to go for universally accepted colors when it comes to carpeting or paint. Pick those that you think will attract the attention of your prospective buyers. Remember,the house must attract the buyer, not you.
Another classic example of uncontrolled personal preference appears during the selling period. Some rehabbers opt not to sell the house to a buyer just because they think that that buyer does not “deserve” the house they worked hard to repair. You might think that the buyer is arrogant and that he will not care for that property.
That, again, is none of your business. You might find it funny and unbelievable but this happens. You wouldn’t want to waste an opportunity to make profit fast. You are also risking losing profits as a rehabbed property can depreciate if it stays unsold in the market. The longer the house stays with you, the bigger your expenses will be. Think about maintenance costs. Takenote that you are rehabbing a house to raise its value and to earn a profit from it, not to find it a “deserving buyer.”
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