Making profits on your rehab project is what you’re in this game for. There are many aspects of the rehabbing project that can take up a huge amount of your time and money. Learning how to make the most of your project and getting the most profit is crucial to making the rehab project worth your while.
A few of those critical areas include the foundation, plumbing, electrical, roofing and the walls, both interior and exterior. You also need to consider the landscaping around the home or rehab project. One of the best ways to know what you’re getting into is having a contractor come out and perform a thorough inspection on the home. You may be a great DIYer but you need a fresh set of contractor eyes when it comes to some aspects of the house. Sometimes you can even get a free estimation of the repair costs needed if the inspector knows they may get the job.
A few aspects you need to pay close attention to during your rehab project include:
- the curb appeal,
- open feel of the house,
- replacing old outdated materials,
- and flooring.
There are a few tips and tricks you can use to make sure your home is ready. Here are tools of the trade and what you should expect when you’re rehabbing a property for profit.
There are typically two types of foundations on a residential location. Those include the concrete slab foundation and the raised foundation. Those that are raised typically include a crawl space as well. A few things to look for if you suspect foundational damage include cracks in the walls, doors and windows not shutting properly, and that the floors do not appear level. If you feel the property has enough profitable nature and there is significant damage, you need to call in a specialist.
Check and ensure that each circuit has a standard circuit breaker in the home. They should either have the breaker or be fused, one of the two options. Also you should find two electrical outlets in each room with the kitchen having two that are on separate circuits altogether. Make sure that you replace any broken covers, and all pull chains and switches. If you feel there is something serious going on, call in an electrician.
There’s a lot to cover in the plumbing system of the house. It includes the water heater, tubs, showers, toilets and sinks. Make sure you distinguish where the shut-off valve for the water supply is. Inspect the showers and tubs to make sure that any type of glass doors used are tempered and up to grade. You also want to take note of any noticeable leaks or water damage as this could signal a significant problem. Make sure you replace any problem areas you may find so that the home can earn even more profit in the end.
Lighter colors, especially shades of white, make rooms look larger. It’s a good idea to repaint the interior of the home a neutral light color so it gives the illusion of more space, even if the rooms are a bit on the small side. You can choose from a variety of paint types as well. For example, many use a semi-gloss paint if they are using the home for a rental as it is easy to wash off.
Take a look at the outside of the house. Is the paint fading or chipped? Do you really like the looks of the house from the road or would you typically pass by this location? Those are all things you should consider when it comes to painting the outside. Make sure you choose a paint that will not fade and will add to the overall curb appeal of the home.
When it comes to the roof, you need to know how old the roof is. Make sure there is no damage on the inside and consider having a certified roof inspector check it out for you. Only if there is significant damage should you consider replacing the roof before it’s time.
Whether you plan on selling the property or you want to rent it out, you need to keep the landscaping under control. If the grass is grown up, the bushes and shrubs are overgrown, and the outside is not attractive you will not get near as much as if you make it look like a nice well-kept home. If you want to land great tenants the home needs to be appealing from the road. If you want to sell the house, you want to keep it well-groomed so that they can picture themselves coming home when they arrive. Be sure that you keep everything outside neat and appealing to help you get the most out of your investment.