HousingWire has asked “Who will be the Amazon of Housing?,” but now we have a new question: Who is the Chipotle of housing? Well, if guacamole is comparable to quartz countertops in terms of customization, the answer may be Offerpad.
The Arizona-based iBuyer recently announced its latest feature, one that allows homebuyers to customize their homes before moving in.
Offerpad, like other iBuyers, buys houses directly from sellers, makes the necessary repairs and/or upgrades, then sells the home back into the market.
But in this case, instead of Offerpad choosing how the house should look before trying to sell it, the company will let buyers pick what they want and the company will make the improvements for them.
According to Offerpad, consumers, upon selecting an available listing through the company’s app or website, will be able to select and visualize customization options.
“Imagine this: You find one of many Offerpad’s move-in ready homes and immediately you’re able to start personalizing it,” said Cortney Read, Offerpad director of communications. “By simply clicking on the kitchen photos, you have three different options for lighting kits. You move to flooring and decide, ‘do I want hardwood or tile?’ You sort through images of the countertops and select the grey quartz you always dreamed of. Offerpad is making this a reality.”
By renovating through Offerpad’s new feature, homebuyers are able to save money on project costs because Offerpad is offering the personalizations/upgrades at cost, the company said.
When customers use the feature, they are able to add their project selections to a cart – much like any online shopping platform – and a built-in mortgage calculator provides a running estimate of the associated cost.
According to Offerpad, renovations and upgrades can be rolled into the new mortgage, resulting in no out-of-pocket costs to the homebuyer.
“The $5,000 quartz countertops that once seemed unfathomable, you can now receive at cost for $3,000, with an additional small monthly amount included in your mortgage,” Read explained. “No out-of-pocket costs and no downtime. Offerpad’s renovation experts will complete your desired options before you even move in.”
The new feature will be available for selected Phoenix and Tucson Offerpad homes beginning later in Q4 2019. The company projects that the program will be an option on all Offerpad properties nationwide by the end of 2021.