When you think of three-dimensional (3D) modeling in terms of home design, you probably think of high-end, luxury interior designers and their software. However, 3D modeling can be extremely useful for real estate investors as well as owner-occupants upgrading their homes. Think Realty Magazine talked to Mark Reginelli, director of world trade at Think Realty benefits provider 84 Lumber, about the benefits real estate investors can derive from using this design tool.
1. You get a realistic preview of your rehab before you start.
3D modeling provides a realistic look at what your rehabbed kitchen will look like before you actually get started. This is valuable in today’s competitive rental and retail markets because it will let you determine, for example, if the look you are planning is as contemporary as your market demands.
2. You can easily scale your projects.
Many real estate investors have a “bread-and-butter” type of property that is the mainstay of their investing strategy. By using 3D modeling to visualize a remodel or rehab in this type of property before getting started, you will be able to quickly scale your operations in your typical investment property in the future simply by sticking to the same types of materials used for the floor, cabinets, counter tops, etc. Saving your last project and applying it to your next one keeps your budget consistent as well as the look of your properties.
3. You can easily transition between price ranges.
Once you have a look you like for a rehab, you can apply that look at various price ranges to really fine-tune your investment budget. In some markets, a kitchen design costing an investor $1,500 will be highly competitive, while in another, a competitive remodel might cost closer to $15,000. By using a 3D format to model the kitchen before buying materials, you can get a better idea of how much your materials will cost and where on the scale your remodel budget will fall.
84 Lumber stores are, in many markets, home to kitchen & bath design centers staffed by design services teams trained in assisting with remodeling and design decisions. “The more information an investor brings with them into the store, the better we can design around the floor plan of the home and the more predictable the entire estimating and pricing processes become,” Reginelli said.