subject: Rehab-real-estate: The Right Philosophy When Rehabbing A House [print this page] People say that when you are in extreme sports, you must adopt the fearless philosophy. When you are a teacher, you have a patient philosophy to understand your students. When rehabbing a house, there is also a certain philosophy you must practice by heart.
Whenever you are rehabbing a house, you must always see the beauty behind the ugliness. Thats the philosophy most rehabbers live by. If you will be able to see the potential of ugly things, you will go far in this business.
Start using this perspective when looking for properties to rehab. From a common persons eyes, a fixer upper home may just be a pile of wood, shingles, and concrete waiting for the bulldozer to run over it. However, these dilapidated properties are a treasure for rehabbers. These are merely properties waiting to be restored to their past glory.
However, that doesnt mean that you should hunt for nearly torn-down properties. When youre inspecting properties, make sure that you select only those that you can realistically fix. Avoid houses that will require you to carry out major repairs such as total roof and ceiling replacement. Also, dont buy a house if you need to correct its foundation. These are examples of structural repairs an these could cost you a fortune. Remember, when you are rehabbing a house, you must spend as little as possible to increase your profits.
Meanwhile, you must go for properties that will require you to carry out minor repairs. These are repairs and improvements that do not require much time, effort, and money. Painting the exterior, patching the roof, and installing new lighting fixtures are examples of these minor repairs.
When you start rehabbing a house, you must use your creativity. Look at the problematic areas and think of innovative ways to make them look more attractive. For example, if the wall look utterly boring even with new paint, you can hang a painting or install shelves on it. Follow your imagination but make sure you dont overspend.
You might think that installing bathroom fixtures is a major repair. Actually, its something you must do. Dont forget to pay particular attention to the kitchen and living rooms as well. When rehabbing a house, these are the ugly areas you must beautify well. These are the areas buyers often inspect well and these could make or break the deal for you.
