We’ve talked a lot about how important it is to have a plan for how you’re going to improve a building before you get a flip loan. But once you have the major renovations done, how are you going to sell the house and repay your rehab loan? Last week, we went over some of the important things you should look for when you do your own inspection of the building. This week, we’re going to talk about staging. When you’re working in a super competitive market, it’s vital for you to stage the house so it will show as well as possible. Many real estate experts believe that a well-staged building will increase the selling price by as much as 10%. These experts also state that good staging will decrease the time the building spends on the market. If you have a flip loan, time is money, so staging is really a good investment.
Plan to Go Neutral in Paint and Finishes on Your Rehab Loan Building
Start with the exterior of the building if you can. A nice light fixture, clear numbers, and a few plants will go a long way toward making a good first impression. Most people make up their minds about a house or business in just a few minutes. Make sure the entryway is inviting, too. A large and colorful piece of art can make a space seem inviting. When you’re planning your renovations, pay attention to trending paint colors. Also be sure to choose paint colors that relate to the floor and other permanent finishes in the room. Overall, most experts recommend neutral colors that feel calming and peaceful over bright colors or busy prints.
If you’re selling a residential house, pay special attention to the living room, the kitchen, and the master bedroom. These rooms should be especially inviting. For a commercial building, making the space feel inviting isn’t quite as important, but it does matter. A few plants, artwork, and clean, bright spaces will always feel better than dark or dingy spaces.
If you’re looking for a hard money lender, be sure to get in touch with us at LendingXpress. We’d love to be part of your rehabbing business adventure!