Welcome to the second post in our “Featured Tool of the Month” series on Realeflow’s Hammerpoint Home Rehab Planner! Follow us, as we break down our software, pixel by pixel.
In last week’s post, we covered the Hammerpoint Home Repair Estimator, a tool that works for determining a property’s repair costs, current value, and the after repair value.
Today’s post focuses on how to use the Hammerpoint Home Rehab Planner tool for planning a complete property rehab including all material and labor costs.
THE IMPORTANCE OF REHABBING A PROPERTY
Before you bring in the wrecking-ball and demo crew, it’s necessary to map out exactly which features of your property need to be rehabbed. Keep in mind that the name of the game is to make a profit on your overall investment; so don’t go overboard with unnecessary upgrades.
Depending on the property, rehabbing it may be extremely important for seeing a promising return on your investment. Without overdoing it, you can accent older, outdated features of a property and make them new without breaking the bank. The rehab planner allows you to price out material and labor costs of interior and exterior repairs, including appliances and landscaping.
Since most properties won’t require a complete rehab, the Rehab Planner allows you to isolate the interior and exterior features that need work and then calculate the associated cost of each individual project and the project as a whole.
HOW IT WORKS
The Hammerpoint Rehab Planner allows users to compile a complete rehab plan from their Realeflow account. Users can determine rehab costs down to the penny from their laptop or tablet in minutes for all interior and exterior items.
We’ve broken down the selection process into 15 main categories, which are further broken down into sub-categories with hundreds of pre-loaded items to choose from. Using Home Depot skus, users can see the material and labor costs for each item they select and can add new items and edit the pricing at any time to better fit their business and local costs.
As you go through and select the items and appliances you plan to use for your rehab, the cost is totaled and creates a document within your account. This document an be edited, saved, and printed at any time!
WHAT TO REHAB?
While it’s easy to get carried away with pinpointing every nook and cranny of a property that could use a little fixing up, I wanted to share with you a few essentials that I always keep in mind when starting a new rehab project.
First impressions are everything, so when a potential buyer makes their way onto your property, you want to make sure they’re not being met with an unkempt yard of weeds, dead grass, leaves, etc.
Taking the time to give a little TLC to the yard, garden, and flower beds goes a long way with a buyer who is trying to picture themselves calling your property their new home.
An inviting entranceway is an extremely important precursor for a buyer and sets the tone for their feeling towards your property.
Investing in a quality front door and doorknob are investments that should not be overlooked. You don’t want a potential buyer’s first impression to be skewed because the doorknob is loose or the door doesn’t close properly. A fresh coat of paint on the front door also gives the house a well cared for feeling.
This is a great investment to consider for dining rooms and living rooms that’s rather inexpensive and easy to do.
If your budget allows for it, this kind of investment is a subtlety that will give your property a refined, distinguished look.
Lighting is very important because it doesn’t just set the mood, but the overall tone and feel of a property. Old lighting fixtures can make a property feel outdated and as if it needs a lot of work.
Doorknobs and handles may seem minor, but they also make a big impact and are cheap and easy to update. Loose doorknobs and handles can create an unsteady feeling in the subconscious mind of a potential buyer.
IMPORTANT TO NOTE: Continuity is key. Doorknobs and handles, light fixtures, and cabinet hardware should all have the same finish. If you’re going with brass for the knobs and handles, make sure the light fixtures and cabinet hardware are also brass. Pay attention to the current trends and the neighborhood where the property is located. Brass lighting and fixtures may suit an older neighborhood just fine, whereas you will probably want to update these to brushed nickel in a newer, younger neighborhood. These types of details play a huge role in the mind of a potential buyer.
A good rule of thumb with interior paint is to make sure the wall colors contrast with the color of the trim to give the room a nice pop! Your best bet is to stick with neutral colors in order to please the masses when trying to sell.
Also be sure to replace any old outlet covers once you’ve repainted the walls to give everything a fresh, uniform look.
At the end of the day, the Hammerpoint Home Rehab Planner is going to save you tons of time and give you everything you need to put together a complete rehab plan for your property. It not only guides you through the interior and exterior of the property, but also offers hundreds of pre-loaded items and prices, including labor and material costs. It also provides the flexibility a growing business needs by allowing users to adjust pricing and add new items to better fit their business.
I just touched on the basics here, but the Hammerpoint Home Rehab Planner can get as detailed as you need it to.
Before you spend a fortune updating every nook and cranny, take a step back and examine the essentials, and let the Home Rehab Planner guide you.
I am very interested to hear how you plan each rehab and what your essentials are for each project. Please share by leaving a comment below!