Most homebuyers appreciate the historic charm and uniqueness of rehab properties in the retail market. However, the homes lack some essential features and conveniences that would appeal to modern buyers. It is important to know about these items and include them in your rehab budget when working on older homes.
Back in the 1920s, people did not have big-screen TVs, and living areas were not designed to accommodate them. Today, home buyers love their entertainment. This means that you will have to think about moving walls or building an additional room for the big screen TV. You will also have to consider where the TV and other appliances will be plugged in and how cable, internet, and phones will be made available.
In the 1920s, people did not have as many clothes and shoes as they do today. This means that modern home buyers will be concerned about storage space, making it important to add them or expand the existing ones.
While most old homes had only one bathroom, modern home buyers are increasingly looking for properties with ensuite baths. When creating a budget for rehab properties, you should include the costs of creating a master bath. If you want to meet modern demands, you may have to hive off part of the bathroom space for this purpose.
Washer and Dryer
The widespread use of appliances such as washers and dryers started in the 1920s. Most people placed the units in the basements or on kitchen counter spaces. Today, home buyers need you to make space for these modern conveniences. This is why you may want to create a space near the bedroom.
In addition to the features mentioned above, you should also consider fixing broken sewer lines and making the home more energy-efficient. The energy efficiency of rehab properties can be improved by insulating the walls and filling in cracks and gaps. If you need funding for your project, kindly contact Ambition Funding Solutions to learn more about our commercial finance services.