The Secret Effect Rehabs Have On Your Community
How Residential Redevelopers create some of the greatest benefits to their communities
I once heard a story of a couple who owned a home in a small neighborhood. It was a typical single-family home with a nice manicured yard, great roof, and clean walls. Unfortunately for this family, they lived right next to a home that was best described as a “dump”. This unkempt home had been next to their house for over five years, and they never thought too much about it, since they had a large privacy fence that blocked the majority of the view.
This family had tried to sell their house a couple of times in the last few years. A realtor would come out, tell them what they could probably get out of it, and they would list it for sale. To the homeowner’s dismay, the house never sold for the price they wanted, so they held on to it year after year. They thought,” Sooner or later it will sell, and we’ll have enough money to upgrade to a bigger home.”
One day, at about 8 A.M. in the morning, they heard a loud saw buzzing. It was coming from the “trash heap” next door. “Oh great,” the husband said,” The old house on the other side of the fence must be getting torn down.”
“All that noise is giving me a headache,” added the wife.
The construction sounds continued for the next two weeks, and the couple came to find out during those weeks that the home wasn’t getting removed, but rather, it was a rehab. They checked the progress periodically, and saw that the home was actually looking pretty good. Before they knew it, they had new neighbors. The most disheartening thing to the couple though, was that the house sold for $20,000 more than what they had previously asked when trying to sell their own home, and the other home was smaller!
The couple still wanted to move to a larger home, as the wife was pregnant, and they needed an extra room. So they tried again, listing their home for the same price they had the year before. The house wasn’t even on the market for a week before they started getting offers. The offers continued, exceeding their asking price. Soon the price was well past what the neighbors had paid for the ex-dump.
Between their savings and the amount of money they got out of their home, they could afford a bigger house that was also more modern. They were ecstatic!
It’s pretty clear why their home sold fast and high. They say that most people decide whether they want to buy a home or not within the first twenty seconds. If the first ten seconds consist of you seeing a rundown unkempt home next door, your chances of falling in love with the home you’re looking to buy plummet.
As residential redevelopers it is our goal to increase the value of our community. We live here too, and we want to see our neighborhoods and streets in the best quality they can be in. We look forward to being a part of this. It’s one of the main reasons we chose to become rehabbers.
Take a look around your own community and see if you can find a new construction, or reconstruction, that seems like it will increase the value of the area. You may just drive by somewhere and think, “Oh, that will be nice to have in town!” If you are excited about it, just think about how that excitement is effecting your community as a whole.