Every sale should be a renovation project
You heard me correctly, I think every sale should be a renovation project because there is something about each and every sale that doesn't quite fit the new buyers. Now is the time to fix them or you can wait and move in and they likely won't be fixed ever. No better time than to fix them before moving in.
What kinds of repairs can be made with a renovation loan?
1) room additions,
2) remodeling, updating of existing kitchens, bathrooms, etc.,
3) adding a detached or attached garage,
4) modernizing the home... windows, doors, open walls to make a great room
5) replacing the roof,
6) add a pool, repair a pool.
Any of these things and more can be done with a renovation loan. The key is that you can sell every house you show if you merely show the prospective buyer a home in the area they want to live in, and then make a list of the items missing that would make this their dream house... that list becomes the scope of work for the renovation project. The loan closes asap and the work begins... you are paid and on to the next sale.
The clients get all they wanted and some of it is brand new. How cool is that?
This is particularly effective when enventories are low.