When it is Rehab Time for a property, I tend to look at the systems we have to put in place, much like I would deal with a puzzle. All the pieces will need to fit exactly where they belong in order for the project to be complete. Few people can go through the process without a picture of what the final project should look like, and for us that is a plan we have for the rehab.
Once a property is purchased, and we intend to rehab it and then sell it, is when the fun begins. Decisions about what changes will fit within the projected budget have to be made. Professionals are hired. Items are bought. Plans and timetables are written.
If you are like me, you find the straight edged pieces to establish the framing or boundary of the puzzle. Same with a rehab. Agreeing upon boundaries is very important. If they do not exist, then the rehab will take too long and be too expensive. So a good framework is the rehab budget. When deciding to buy the house, we have a decent idea of what the rehab will cost, but now we put the figures to the test. If we follow the systems we have learned and know work, then we should be fine on the costs. There are always adjustments to make, but keep an eye on the budget at all times. It might be enticing to add features that you would love in your own home, but that extra cost might not be profitable or useful for this house. Be prudent!
After the frame of the puzzle is set, then it is time to decide the tactics for finishing the puzzle. Some people like to group colors, while others focus on specific items in the overall picture Whichever system works best for you, implement it. I use both depending on the project. For a rehab, I will hire the professionals needed, and they need to understand our mission. If they do, they will work with our vision. And if they do a great job, they will see repeat business from us and from people to whom we recommend them.
Purchasing the needed items starts right away in a rehab. It is helpful to be aware of what the future buyer will probably want. This takes research and common curiosity about what is considered fashionable in houses at any given time. Studying magazines and Pinterest, listening to buyers at open houses, and networking with other rehabbers and real estate agents, are just a few ways to be in the know. I am always learning and seeking out the best information that will make any house we rehab sell quickly.
A vital part of the rehab is having plans and timetables in place. That includes scheduling, following up, making sure orders are filled, contractors are doing what they said they would, and all the while, working on the exit strategy through a marketing plan. The rehab process makes for very busy days. Being organized with my time is key because the rehab is just part of what we do on any given day in running our business.
The puzzle is not complete until the last piece is placed. For us, the rehab is not complete until the house is sold. When that happens we feel the satisfaction anyone feels with a finished project.