This guest post is by Kate Flynn
Budget is always a leading factor when designing any space. In rehabs it becomes especially important as all money out affects the bottom line for profit. When selecting finishes, fixtures and appliances make sure to understand your market!! It is crucial to know what you are competing against to maximize your purchases. This means pull those comps and visit some homes! Look at what a real estate buyer will be impressed with and also what unnecessary selections were made in a home. Just because you can allocate funds for top of the line selections throughout the home doesn't necessarily make it the best decision for the project.
Homebuyers will constantly question the decisions you made while viewing your rehabbed property. Make sure your decisions make sense to these potential buyers! A great example of this is in flooring. If you opt for a high end material, use it wisely! Did you consider the safety of that surface? Although polished marble has been used for centuries and usually delivers a grandeur impression it is a material I rarely select. As a floor it is breath taking but also a liability headache. Any water on that polished floor and you have just installed a rather expensive slip and slide for real estate buyers!! A honed marble will deliver similar results and provides adequate traction for walking.
On the other end of the spectrum do not be overly cheap when choosing finishes. As noted earlier a good rehab designer will understand saving on selections to maximize profit. Trying to save a penny here and there on finishes can greatly impact time on market. I don't know about you but I would much rather pay a couple hundred dollars more on quality selections and avoid the holding costs of a real estate property sitting on market.
Having a designer on your rehab projects may seem like just another added cost or even headache to deal with. I get that. Being in design for over a decade I understand the stigma that can come with my job. As a designer and project manager for Real Estate investors, I have been able to see the major benefits of a capable designer for renovations! The best run projects I have worked on have worked like clockwork because each element was handled by an expert in their field! In a business where time is money having a good arsenal of experts becomes invaluable! It also provides a strong sense of accountability if issues do arise!
The wisest decision on every project is to do the proper research and always plan in advance! Always think of the end user's needs when specifying finishes and fixtures. Prepare a budget and stick to it. Lastly, have fun and enjoy the transformation!
Happy Rehabbing!
Kate is the passionate woman behind Kate Flynn Designs, LLC. She has a penchant for design inundated by color, form, light and function. Recently she has been collaborating with Professionals in the Real Estate Industry particularly in the design, renovation and staging of listed homes for sale. You can also connect with her on Facebook Page (link to fb page: https://www.facebook.com/KateFlynnDesignsLLC).
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