New Orleans Real Estate Investors
While out touring new listings recently, there were a couple of flips on the list. (A flip is a home purchased by an investor, updated or renovated and then put back on the market for sale)
No matter what the market is like, New Orleans real estate investors have competition. But when an investor is working on a timeframe to get it sold so they can move on to their next project, it’s our recommendation that they take the time to:
- be sure they have a budget sufficient to finish the project and
- have a decorator and/or home stager as part of their team
I saw two homes in nice New Orleans neighborhoods that had great bones, but were clearly not up to snuff in the finishes department. Missing baseboards, mismatched wall colors, too many different flooring choices that all collided with each other in openings and doorways, cheap faucets, no bathroom mirrors….the list goes on and on. To top it off, curb appeal was non-existent in both of these homes too, with no shrubs, no flowers, no door mats, no welcoming touches that would make a buyer feel like they needed to get inside and see more.
According to the listing agent, money for the projects ran out before the work was finished.
I know from personal experience that a home renovation always, always, always goes over budget in at least one area and having a cushion to deal with those overages is critical if the house is going to turn out as planned.
As to choices made, no offense to the renovators is meant. But, a feminine touch or consultation with a designer is not a bad thing. When a couple is buying a home, if the wife thinks that a house is “ugly”, you don’t make a sale. Also, with almost 20% of home purchases being made by single female buyers, appealing to women should be one of the top priorities when selecting those finishing touches.
I applaud the New Orleans real estate investors who have confidence in our local economy and believe that there is a market for a well done renovation. Let’s just be sure they actually are well done before you put a sign in the yard.