Tips on Rehabbing Houses

If you are planning to rehab houses or other properties, there are various things you may want to consider for your investment to be more successful, such as contacting Phil Pustejovsky.

It is crucial that you first estimate the rehab costs, which mostly include repairs of the roof, plumbing, electrical lines, and structure.  These are the main parts of the house that will take up most of your budget for repair, and they usually require permits. Check the top part of the roof for loose shingles, and for other signs of termite or wood damage. The ceilings must be free of discolorations, holes, and water stains. For the plumbing lines, make sure that there are no leaks or uneven spots on the floor where the line is located. As much as possible, avoid large trees with roots, which grow under the house, since they will pose more problems on the plumbing as time goes by. Involving a real estate coach with the process may help keep you on track of what you need to be aware of.

Also, know when the electrical lines were last updated. Also, check if there are fuse boxes or breakers. To lessen costs on the structure, make sure that there are only a few cracks in the foundation, since the repair of these structural problems is too expensive. Doing a thorough inspection of these areas will help you estimate the repair costs, and decide whether the rehabbing will be profitable.

You usually have two options to rehab the house; either you do the repair yourself, or you hire a handyman. If it is possible to do the repairs by yourself, you can cut the cost that will be spent on paying for the labor. However, you must make sure that you do the repairs properly, because failing to do so will only lead to bigger problems and costs. In addition, if you have other preoccupations, it will take months for the repair to finish. On the other hand, if you are willing to hiring someone to do the job, you are assured of the quality of the work, and it gets finished in a shorter span of time. The only downside of this is an additional budget for the labor costs.

Remember to avoid placing a sign in your yard if you are not done with 95% of the rehabbing. If you start advertising once you get the property, potential buyers can check the house any time of the day. If there are repairs on going and there are hanging wires, holes in the ceiling, or broken drywall all over the house, it decreases the chance for the property to be sold, since buyers may not have a good impression of the house.

Taking these things into account when doing the rehab of the house will increase your chance of selling the property quickly and gaining more from the investment.

Resources

  1. Commercial Real Estate Investing Coaching
  2. Peter Harris Real Estate
  3. Real Estate Investing Mentor
  4. FreedomMentors.com
  5. Phil Pustejovsky Reviews