You’re going to be working on your investment property to improve your ROI. Will you be restoring it? Renovating it? Perhaps rehabbing it? What are the differences between these 3 anyway? Aren’t they interchangeable?
Well, no. They aren’t the same thing and depending on your goals for the property and the building itself, one may be more favorable than the others. Let’s break it down:
This term refers to a project that will bring the property back to a historic era that was important to the property. Often, this means using authentic materials and processes to achieve the most historically accurate appearance in the home. This type of remodeling project is best for period homes in historic neighborhoods or homes of historic significance (think famous properties or homeowners).
If you’re rehabilitating a home, you’re improving usefulness and potentially bringing in more modern materials while still maintaining significant historical character. Your property might have original stained glass windows, hand-turned wood details or antique appliances. You’ll be retaining these but also likely adding modern touches as well. This type of project would be best for a home that may not be livable without modern additions but still has character and charm that the market would appreciate being kept. You could also be changing the use of a property – perhaps turning a church into a home or a schoolhouse into a duplex.
This is the most modernizing of the three terms. In a renovation, you’re improving and altering the property without trying to retain any historical aspects. You’ll be addressing the electrical and plumbing as well as the appearance. This type of remodeling project is common with homes that were built more recently and lack nostalgic details.
Your remodeling plan will differ depending on the type of property you’ve purchased and the neighborhood it’s in as well as your goals for your investment. Do you have further questions about how to get the most out of your investment with restoration, renovation, or rehab construction? Contact us today and let us help!