subject: Things To Avoid When Rehabbing Houses [print this page] A lot of tips circulate on the Web about what to do to be successful when rehabbing houses but there are only few that tackle the things that should be avoided. True, rehabbing is one of lucrative businesses there is when investing in real estate. But to become a thriving rehabber, you should have the dedication and determination on the craft. You also must have the patience and hard work to renovate houses that are fit for re-sale. Below are some of the practices to avoid when you enter the art of rehabbing.
You should not renovate a property without proper inspection.
This is the most fatal mistake a rehabber could do. If you are too excited to purchase the property and failed to conduct a thorough inspection of the property, it is like putting you and your money at risk. For example, you found a property that is too cheap but bought it anyway because you were blinded by the price. When the paperwork was done and you already paid the property in cash, you find out that it needs major re-construction instead of just minor repairs. Because of this, you end up spending more than what you originally paid for because of the repair costs. If you do not have a keen eye when it comes to inspection, it is wise to hire a professional inspector to do the job for you.
You should say no to structural problems.
As mentioned on the example earlier, structural costs cost an arm and a leg so if you spot a problem in the propertys main foundation or structure, it is best to scout for another house to rehab. Rehabbing houses should only cost you minimal repairs, not a total overhaul. You must earn an income after the renovation. Also, when rehabbing, a complete roof replacement is also expensive so double-check that area. You do not want to be shouldering a huge amount of repair costs, do you?
You must not decline cosmetic repairs.
If you think that the property due for rehabbing has a sturdy foundation, you must also pay close attention to any cosmetic repair. Do not be too lazy and leave the paint job and other landscaping work to the end buyer because this will turn them off. Remember that you must make the house as presentable as you can to attract a lot of buyers. For more rehabbing ideas, visit RehabList.com today.
