House Rehab Traps That You should Avoid
Fortunately, this article will help you identify the things that you should avoid if you want to be a successful rehabber. Listed below are some of them: • Avoid fixer upper homes that have bad location. Renovating properties located in a bad neighborhood or are sitting next to a chemical factory is probably one of the biggest mistake you’ll ever commit in your entire real estate investing career. Why? It is because reselling a rehabbed home and fetching a good price for it would be next to impossible as nobody would want to live in a house where you can inhale harmful fumes or wake up with the sound of your screaming neighbors. • Never start a house rehab without getting an estimate on the cost of repairs. You may end up blowing your finances if you’re going to buy a handyman special without finding out if the property requires major repairs or not. Major structural repairs, for one, can cost you $10,000 at least and if you don’t want to spend all of your money on a single investment property, then you better conduct a property inspection to determine the overall cost of repairs. • Don’t advertise the property unless the repairs and renovations are about 95% complete. Some rehabbers warn against putting a “for sale” sign on the yard early into the rehab project as potential buyers going in and out of the property may distract your workers. In addition, you will be wasting your time since most buyers are not too keen on purchasing a property that has yet to be restored to a livable condition. • Avoid doing the repairs without securing permits. It is common knowledge that you need a written permission from local building code inspectors to repair certain parts of the house. If you don’t to run into trouble with the authorities, then you better get permits. Doing a house can be a lot of fun, as long as you avoid these traps. For more information on rehabbing houses, log on to www.Rehab-Real-Estate.com. Disclaimer: Article submitters are solely responsible for the content of their articles. ArtiLib can't be held liable for the contents of the articles. Report Abuse | Browse By Category |
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