In a rehab in every encounter, appearance creates the first impression. When a real estate rehab is sharp and distinctive, it evokes a pleasant first impression that can be best translated into “Wow!”.
When looking at real estate and trying to determine what to update one of the key considerations is how to create the "Wow!" effect from the time the potential buyer pulls in the driveway to looking at the back porch. Most people associate the "Wow!" effect to kitchens and baths or flooring but we believe it covers the gamut. In effect the rehabbed house should fit together and not appear cobbled together or half done. The potential buyer should feel as though there is little to nothing they will have to do to move in. They can always debate what you may have done but they should not debate they have to undo it!
What that said we also consider the typical demographic of the potential buyer when creating the "Wow!" effect. For example, retirees have very different needs and ideas than a family with 3 kids. Retirees, especially from up north, will be looking for the "Florida" lifestyle. They need enough room to have the grand kids once a year and not too much room to maintain. They are not our parents parents and look increasingly more for a "Wow!" look and feel at an affordable price. A family with three kids looks for almost the exact opposite. A room for each kid, a large family room, pool for the kids and big yard. The point is to know who your ideal buyer is before you rehab the house so you can target the "Wow!" to your ideal buyer. This can only increase your chances of a quick sell.
When rehabbing a house we are constantly looking for the "Wow!" effect as a potential buyer would walk through the home when it's complete. We actually visualize and discuss what a buyer may be feeling from the moment they walk into the home to walking the entire floor plan. We also try to create a differentiation with the rehab compared to the other houses in the neighborhood. So when a buyer starts to compare our house with the rest of the neighborhood there is a clear difference in a positive way. So when all things considered the buyer will want the rehabbed house due to the differences since the price difference is minimal. Using this strategy we've been able to obtain a higher per square price than most of the comparable properties.
A key component to the “Wow!” effect is the creation of visual focal points. Visual focal points are used to highlight design, space, or feature aspects by making them stand out. This can be accomplished either through the nature of the feature itself or by bringing attention to the feature. An example of this would be to trim out an existing plant shelf and then possibly put an item on the shelf that draws your eyes to the feature. The cost to do this is very low and the return high. You could also add color to the room and paint the trim a different color in effect adding contrast and creating a visual focal point. Visual focal points are also very powerful in making buyers not look at things because they are focused away from them.
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The before and after photos from our last rehab really show the dramatic difference that we were able to achieve. The reflection of the light on the bamboo wood floors only enhances the natural light factor even more. We've found that adding the trim around the windows serves to bring the eyes to the light as well as create visual focal points.
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