Style vs 'Needs Rehabbed'

3 Replies

As I continue to look at property listings, one thing that I always struggle with is establishing the fine line between "needs rehab" vs just stylistically different than my (and 'mainstream') tastes.

For example, I see a lot of properties that are advertised as 'move-in ready' but the pictures show very outdated styles like oak cabinets, oak trim, brass fixtures, etc. Something that looks like a really old person lives in it.

Now, by most of our standards, a house like this would be candidate for a complete update. So how do you approach houses like this and its owners? Is it as simple as just expressing that they 'need' a rehab to get their house ready and expecting that a certain population of sellers will disagree / argue with that assessment (which we would just move on to the next property)? Or is there a recommended process in trying to reason with the sellers to the reality of how outdated their property actually is?

Functioning oak cabinets, oak baseboards, and outdated fixtures don't "need" to be rehabbed and would qualify as move in ready in my mind. Ugly and move in ready are different things.

@Alex Huang

All depends on what market your in and what your sellers situation is. If your market is hot and appreciating incrementally, people buy these "outdated" homes and remodel them bc they can and/or because they know the market is rising.

In some of our Ohio markets we can offer low ball offers in certain cases where as in a lot of the stronger markets these homes are going over asking regardless of condition. 

It comes down to market conditions and/or whether a seller will accept your offer given the rehab or not.  You can always submit your offer with a memo stating all the upgrades or repairs needed. 

Know your preferred max budget + renovation costs and offer accordingly! Good Luck

Originally posted by @Nik S. :

@Alex Huang

All depends on what market your in and what your sellers situation is. If your market is hot and appreciating incrementally, people buy these "outdated" homes and remodel them bc they can and/or because they know the market is rising.

In some of our Ohio markets we can offer low ball offers in certain cases where as in a lot of the stronger markets these homes are going over asking regardless of condition. 

It comes down to market conditions and/or whether a seller will accept your offer given the rehab or not.  You can always submit your offer with a memo stating all the upgrades or repairs needed. 

Know your preferred max budget + renovation costs and offer accordingly! Good Luck

 Thanks Nik. 

That's a really good point about how much the market dictates the demand of updated properties. 

My assumption was that it was similar to firing out offers and dealing with sellers. Every person is different and you have to be prepared to deal with both people who are open to dialogue and others who are set in their ways and beliefs.

Thanks!

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