Here follows are my seven pillars to successfully renovate and create a dream house of character and quality. You can’t beat a renovated house if you are planning to live there afterwards or if you are a canny investor looking to add value to your portfolio. You have probably thoughtfully chosen it with all due consideration. The DIY project can be very challenging if you’re up to it, which is likely the reason why you bought it in the first place and the saying no pain no gain springs into my mind just thinking about this. Come to think of it there is nothing more satisfying than getting what you hoped for, your dream house all better than new and as turnkey as the day it was first put on the market. Let’s look into some advantages of this that you probably knew but had not thought about in detail:
1. You’re likely buying a house, a dream house that’s got charm and character or you could choose something with character that says this is your domain and it’s as individual as you or the new owner can ever be. Compare the place to a modern suburban house that often lacks charm and character just like the ones in the Pete Seeger song “Little Boxes.”
2. The newer suburban property is not likely to increase in value so much as the older house of character and less potential to sell it on in a few month’s time and make a fast buck. Even investors can maximize the tax benefit of living in the place for two years to qualify for zero tax payable.
3. A rehab property is a blank canvass, you can personalize it, make it how you want it to be and you can put your own stamp on it. Add features like a cooking range in the kitchen or treat yourself to that Victorian style hot-tub.
4. You will have an individual, comfortable property that you’ve renovated and recreated to your own spec and taste and you’ll be the envy of all your friends.
5.If you bought the rehab property at the right price, then after replacing worn out, tardy fixtures and fittings for kitchen and bathroom, a lick of paint inside and out and added two or three special features, then you’ll have a place that’s unique and worth far more than your total investment. This is your Dream-Home, a fabulous place to look at and to enjoy living in and totally you probably paid less than if you had opted for something boring and suburban.
6. Everybody is talking about new builds at the moment as these are meant to plug the gap in the housing inventory shortfall. You are unlikely to make money very quickly from a new build / turnkey property, whereas if you choose a rehab house the sky is the limit and discerning buyers will choose your place. One example is a wholesaler who recently bought a property for only $20,000, spent less than 10,000 for rehab and refurbishing and sold it six months later for $75,000!
7. You get more for your money with the rehab property. That’s not just the price you pay, you also get real personal satisfaction from seeing your project take shape and then the dream house at the finish. After that you can decide to live in your dream house and enjoy the unique home you recreated or sell it and make a handsome profit.
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