subject: Tips For Beginners On Rehabbing A Home [print this page] We tend to get over excited on new things. We want to drive a new sedan for a whole day immediately after we bought it; use a personal computer for hours after we get out of the box; always look at the time in a new wristwatch. The same thing happens when we are rehabbing a home for the first time.
When too much excitement sets in, we tend to think in haste and lose focus. That is why it is important that we try concentrate, have a plan, and follow this plan. To better help you with your first rehab, here are a few tips you might find useful.
Hire a professional home inspector. Unless you are a licensed home inspector, its better to hire a professional for your first project. A home inspector is a preventive measure against unexpected repairs and expenses. He will be able to give you a clearer view of the house and its state and give you opinion on whether it will take a fortune to rehab that property. He can save you from rehabbing a home that will require you to make major repairs that are actually not that obvious to the common eye. An example of these is the movement of a houses foundation. Whats a few hundred dollars for the inspector if thats what it takes to avoid buying a bad property to fix and flip?
Set a schedule. Before you get on with the gutting of the property, make sure you have an idea on how long it will take you to repair and improve that house. A schedule will give you an idea where you are in the project and if you will be able to achieve your target on time. If you have a contractor, sit down with him and set a target date if completion. In between the first and the last days of repairs, make sure you have intermediate goals. What other rehabbers do is pay contractors after each goal they accomplish. You can also use this system.
Take note of personal preferences. When we are rehabbing a home, it is natural that we incorporate personal preferences. However, an excess of these preferences can lead to a ballooned repair budget, which then translates to less profit. Dont forget that you will not live in that property. Therefore, theres no need to satisfy all your wants. Do not imagine it as your dream house. Otherwise, you will over spend on it without you realizing it.
Rehabbing a home can be fun and profitable at the same time. Just make sure you are armed with the right knowledge to avoid making terrible mistakes. Visit rehab-real-estate.com today to learn more on how to fix and flip houses.
by: Daniel Mc Grey
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