Did you purchase a fixer-upper right before or during the current global pandemic? As we all know, things are panning out a little differently this year but that doesn’t mean it’s time to panic. You can still get your investment property renovated and ready for sale under the current market conditions. Here’s your guide to safely getting your investment property ready for sale during the current COVID-19 pandemic.
First and foremost, it’s important to keep in mind that serious buyers are still on the hunt. Whether it’s for a new job or career move or personal reasons, like being closer to family members, those who need to move are still looking for a home to live in. Additionally, those buyers in secure financial situations may want to take advantage of record-low interest rates.
It’s also important to keep in mind that real estate has been recognized as essential work by the federal government. That means, even with stay-at-home orders and social distancing guidelines, construction, including repairs and renovations, can still likely be made. Again, it’s important to check your local guidelines for the most up-to-date information.
Embrace Technology
Utilize the tools provided by modern technology to make any repairs or updates as safely as possible. Instead of meeting with contractors face-to-face, opt for virtual meetings instead. For example, try using video conferencing, like FaceTime, Google Hangouts or Zoom, to virtually select paint colors or finishings. Additionally, try shopping for materials online instead of trekking to stores, and you’ll likely find similar, if not the same, items. Also, many home improvement retailers are offering free delivery and/or free curb side pickup. This will allow you to select your preferences while keeping well beyond six feet away from contractors, store employees and other shoppers without compromising quality preferences, and most importantly, health.
Safety First
While real estate is being considered as essential work, contractors and construction workers are using their own discretion. Whether someone feels comfortable working during the pandemic is a personal decision that should be respected. One tip is to speak with your workers about safety protocols so they’re protected when in the home making repairs.
Delay’s in construction can be costly, especially for fixer-uppers. For fix-and-flip properties that aren’t paid for with cash, short-term hard or personal loans usually come with high interest rates, and the pressure to finish projects as quickly as possible can be quite high. Combining interest with taxes and other expenses related to the property can add up. While a delay is never preferred, it’s important to prioritize health and safety above all else at this time.
Renovate Wisely
As you’re choosing which updates and renovations to make, it’s important now more than ever to be selective in your preferred projects and make sure to include the most in-demand and highly desired amenities. Attention to quality is essential as well as an in-depth understanding of what the market is looking for—both in terms of features and pricing. Prioritize the renovations that are the most highly in demand in your market as well as the amenities that will make the biggest difference in the house appeal.
Adjust as Needed
When you’re ready to sell, it’s imperative to allow prospective buyers to tour safely and in accordance to local social distancing guidelines. This could include the ability to virtually tour your house. While you’re relying more heavily on technology to sell your home, high-quality photos and videos will be crucial to successfully selling your property. Your online listing will do the bulk of the work for you, so make sure your listing is accurate, appealing and highlights everything you would want to call out during the open house or an in-person tour. And when you’re ready to sell, make sure your property is competitively priced for the local market and audience.
While this is unchartered territory for us all, there is no reason to pause on your real estate ambitions altogether. While you will have to adjust to a new way of buying, renovating and selling, taking advantage of this unique real estate landscape could prove to be immensely fruitful. Make sure to stay updated with federal and local regulations and follow guidelines to ensure everyone’s safety. For additional resources to help you navigate the current real estate market, please visit our COVID-19 resource page by clicking here.
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