Rehab Property Qualities

The right property has a mix of desirable location, affordability, layout and potential profit. You can have a great property but if the location is poor you won’t get the most out of it. Here are the five most important qualities of a rehab property. Not every property is a great rehab property. Your success starts with choosing the right property to work on. If the property is lacking in one of these areas it may sit on the market for a very long time.

 

 

 

 Site Venue

Location – If you have the opportunity to acquire a property in the middle of nowhere at a severe discount it may not be as good of a deal as you think. The importance of a good location with your rehab property cannot be understated. Look for properties located near good schools, access to retail and close to major highways. Anyone associated with real estate has probably heard about the expression regarding the three most important factors when buying.

 Limited Market

Specific Markets – Getting a good deal on a property in a market with rising foreclosures and low unemployment is a recipe for disaster. You should also drive the street of the property and see what types of homes surround the subject property. Properties located closely to your subject property will be the ones that buyers compare to your property.

 Regard Need

Consider Demand – What you look for in your personal property can be much different than what you look for with a rehab property one of the biggest mistakes that rehabbed make is thinking about their personal preferences when buying. Buying the same type of cookie cutter homes as everyone else in the market may be boring to you but if those are selling on your market you need to listen to it. You can think about adding your personal flair to the interior of the property but even then you should err on the side of caution. Bad floor plans, unique property structure and poor back yard space are often unfix-able.

 Expect Income

Think Profit – You need to be able to get your rehab sold quickly and at the price you desire. Obviously you need to get the property at a price that makes sense for you.

 Time Frame

Time-frame – In the same time it takes to buy, rehab and sell that deal you may be able to close two other properties. Time really is money in the rehab world and has to be a consideration when buying.