Get an Equity-Based Washington Hard Money Loan for the Big Stuff
It pays to get your home or investment property in shape before putting it on the market. The more appealing it is to buyers, the better price you’ll get and the faster your house will sell.
Preparing your property to list can be stressful, especially if time and money are limited. However, there are things you can relax about not fixing or upgrading that will not significantly affect your ROI.
Work with your agent to determine which repairs or upgrades will provide the greatest bang for your buck and yield the highest return on your real estate investment. With a bit of strategy, you can showcase your home and appeal to buyers at a reasonable cost and amount of effort.
What to Fix & Not Fix When Listing Your Home
- Cosmetic fixes: Potential buyers usually focus on the big picture when viewing a home, not normal wear and tear. Attempting to fix every little flaw around a house could add up to countless dollars and hours without a significant return. Leave minor cosmetic issues for buyers to prioritize and deal with.
- Repainting in trendy colors: A fresh paint job can add to buyer appeal. If you need to paint, be sure to choose neutral colors that will let a variety of buyers envision your space as their own. “Color of the year” or bold, trendy hues can easily backfire.
- Major landscaping: Curb appeal is important. But you can skip large landscaping projects like a major remodel or lawn replacement. Instead, make sure weeds are pulled, shrubs are trimmed, and the lawn is mowed. Plant seasonal flowers or plants and dress the front entry with color spots.
- Bathroom or kitchen renovations: If your home needs a kitchen or bathroom upgrade and you are short on funds, leave the renovation for the new owner. Deep clean and declutter the space, so it looks its best for potential buyers – and let them build the bathroom or kitchen with the features they most want.
- Carpet or flooring: Here’s another item that’s often a matter of personal taste. While your impulse may be to replace old carpeting with new, a buyer may envision the space with hardwood or vinyl. Hold off if the floors in your home are ready for a redo. Instead, invest in a professional cleaning.
- Roof replacement: Take care of lesser roof issues like minor leaks or missing shingles before listing a home. But a total roof replacement is a major investment and is optional before listing your home. Instead, the replacement cost can be used as a discount or part of your seller agreement.
- Partial upgrades: No renovation is better than a half-finished renovation. An old cabinet with a new countertop will draw attention to itself as something that has to be dealt with instead of a “value add.” Either invest in and complete upgrade projects – or don’t take them on.
If your property is tidy and in good condition overall (e.g., the foundation is solid, there’s no water damage), you can avoid extensive upgrades and repairs. Instead, focus on highlighting the best features of your investment property or home instead of fixing or repairing its flaws.
Our Washington Hard Money Lenders Are Here To Help
Suppose you do need to make major repairs, upgrades, or renovations prior to selling and need financing. A hard money loan can make it simple – regardless of your credit or employment history. Unlike conventional lenders, we offer streamlined real estate loans that are equity-based loans and easy qualify. Our direct, private loans offer a fast, simple financing option if you have adequate collateral. Washington real estate investors use our trusted loan services to successfully grow their portfolios. Give us a call at 1-888-477-0444 to learn more. Or complete our online loan request form. Our Gregory M. Russell private lender team knows real estate, understands the market, and is here to help!
Thanks for taking the time to read our blog. We have enjoyed bringing our shared experience in private money lending and the real estate industry to our work with investors throughout the Northwest for over three decades. We live in beautiful Southern Oregon, but consider Washington and Idaho, where we also provide our hard money loan services, our second homes!
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Greg & Rachel
Gregory M. Russell Hard Money Lender
