Why It’s Important to Factor in Exterior Landscaping
If there’s one thing you can count on it’s, first impressions matter. When you’re assessing a property’s “flip-ability” don’t forget to evaluate the current state of the landscaping. Sometimes flippers and real estate investors will only focus on the cost of the repairs inside the property. However, it’s also wise to consider budgeting for the cost to spruce up the look and feel of the exterior as well.
In addition, it will be easier to determine what kind of offer you want to make on purchase of the property when you consider both the interior and exterior rehab costs. It also makes it easier to calculate what your potential profit will be. Here are six some things to look and budget for.
- Replace (if necessary) or power washing siding.
- The planning of or removal of trees and shrubs.
- Painting and color coordinating exterior features like the shutters.
- Driveway and walkway maintenance.
- Incorporating landscaping and planting flowers where necessary.
- Pull weeds, add mulch or rocks, pull weeds and get the grass as green as possible.
When it comes to recouping your money on your investment property the curb appeal will make a world of difference. A standard evaluation is to invest 10 percent of the homes value on landscaping. Some experts say that you can count on curb appeal to increase the overall value of the property anywhere between 5 and 20 percent. Contact one of our lending experts for additional assistance determining the cost of your hard money loan request.