Rehab Real Estate is your perfect guide to the exciting and lucrative world of real estate investing. Whether you're into rehabbing houses, property investment buying, or fix and flip, we'll teach you everything you need to know so that you'll earn MAXIMUM PROFIT in each and every deal.
You can spend $25,000 beautifying a home and it could just result in a $10,000 increase in a property’s value. That’s the sad fact rehabbing: Spend on the wrong places and you won’t go places. However, if you know what repairs and renovation you must prioritize when you flip and fix houses, you can raise a home’s value by $50,000 by spending just $10,000. It all depends on what parts of a house you must flip and fix.
One rule you must remember is that a house must be livable before it is beautiful. What sense is a new coat of paint on the ceiling if the roof is leaking? Would your buyer appreciate a house if it has a new lampshade but the electrical outlets are not properly working?
When a buyer searches for a property, he envisions himself living in that house. If he experiences inconveniences during inspection, he is most likely to be “turned off” by that property. So before making cosmetic repairs, make sure you flip and fix all major repairs first. Check the roof and walls, electrical system, heating and air conditioning, and plumbing. After completing these repairs, move on to smaller repairs.
You must also pay attention to the bathrooms and kitchen – the two places buyers scrutinize the most when inspecting properties. Don’t be afraid to invest in these two areas. For the bathroom, you can include a new tub. You can also replace old fixtures like the shower and the sink. As for the kitchen, a $2,000 investment is reasonable. Buy a new refrigerator or stove. Replace rusted cupboard handles. Build some new drawers and be sure to paint them neatly.
After the basic repairs come the cosmetic or minor repairs. These are small repairs that can raise the value of your property big time. Replacing switch covers and door knobs is a prime example of cosmetic flip and fix. If a room has too much open space, you can build a new closet. You can also set up a small table on a corner, throw in a stool and reading lamp, and there you have it: a reading area.
Outside of the property, make sure the garden is well made. Trim the lawn and trees, put up plants in pots, and add a touch of landscaping. If the house a huge lot, you can even construct a carport. Adding a gazebo and benches will also beautify the property. Read more tips on rehabbing houses at rehab-real-estate.com today!
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