Rehabbing a property is a difficult and sometimes costly process, but it can be well worth the investment. A property will need to be evaluated and prepared before any work can begin. The details of this process are outlined and steps to take and what you should look for when rehabbing a property are explained in this article.
Sourcing the right property is important. You should go to properties to look at them if possible. This will give you a feel for the market, available neighborhoods and potentially what type of property is well-priced in your local area. You can use websites like Zillow or Trulia to view photos, information about the listing price, number of bedrooms/bathrooms etc.
A successful marketing plan starts with analysis of your property. You need to figure out what the best audience is for the property. That way, you can target them specifically and provide them with all the information they need in order to make a decision about your property.
Seek the advice of a financial adviser who can advise you on how much to borrow, what interest rates are available and whether your projected income is likely to be enough. If you are lucky enough to have rental income or other savings, you might get away with borrowing less than if you had no other sources of funds.
Some common ways to do this are setting up an LLC, partnering with a friend or family member who is not part of the property management team, and putting insurance on the property.
Decorating and Furnishing
When you’re rehabbing a property, there are some specific considerations for the aesthetics that need to be taken into account. You’ll want to think about colors and textures that will help the home seem more spacious, open, and inviting. If the home is more than 50 years old, you might want to consider updating the appliances in kitchens and bathrooms.
In conclusion rehabbing a property can be a difficult but rewarding process with the right guidance you’ll be well on your way to rehabbing your property always remember do your due diligence on a property and always think longevity. If you are looking for properties to buy or want to sell a property feel free to contact us.