Rehabbing houses today and over the past couple of years has been one of the biggest trends in the real estate market. Investors buy a property at a reasonable price, rehab the home and later put up for sale when the market starts showing promise. Thus, a good number of people are interested in rehabbing properties. The question to ask is how much exactly would it cost you to rehab a house? Given that the end game is to make profits, several rehabbing techniques can help you attain this goal.
It is easier rehabbing a property if you don’t have to worry about the availability of funds. With a lot of money, you can significantly improve the house’s appearance, thus greatly increasing its value, making it easily marketable. However, with a minimal budget, you might want to focus your expenditure on where it’ll have the most impact.
One thing we always recommend to both new and seasoned real estate investors is a good understanding of how real estate markets work. You don’t have to necessarily pay for real estate education, as there are many free real estate classes online that anyone can take. You can find some great options here.
To be candid, there are so many ways to rehab a home. Most rehabbing professionals, however, recommend toning down the renovation work, and not going overboard when doing the renovating job. They suggest that renovations be kept simple so as not to put off potential buyers, in the case that you plan to sell.
Rehabbing a home requires a considerable amount of investment capital to begin the project. There are quite a number of ways to significantly improve a property’s looks without spending a lot as pointed out below.
→ Make your mailbox pop-out. Majority of the neighborhoods have similar mailboxes. However if you replace yours with something trendy, it will make your property look far from regular. Fortunately, these don’t cost much as you can buy one for as little as $40! You could still give the old one a good paint job, however.
→ The lawns of properties with front yards should be properly maintained such that no weeds creep on the sidewalks. Equally planting flowers with varying colors besides the front door gives your house an inviting aura warm look.
→ Give your doors a new look to boosts the property’s curb appeal. Consider replacing old wooden doors with new ones or repainting them if still usable, while replacing knobs or handles. Adding a knocker or a wreath also spruces up the front door.
→ Cleaning up the windows of your property is one critical way of giving additional flair to its looks, especially on the interior. Simply use water and cleaning detergent to get rid of accumulated dirt and dust.
→ Placing shower curtains on bathrooms will also improve the looks on the interior, without spending a lot of money. With about $50, you can give the bathroom a better look with a new rod and beautiful curtain.
→ Rather than installing new kitchen cabinets, consider covering the existing ones with glossy paint. You however have to ensure that they are in perfect condition.
You don’t necessarily have to spend lots of cash while rehabbing a home. With these few tips above and more improvising, all this could be achieved at very minimal costs, yet yield impressive results!
PRO TIP
If you need to evaluate your rehab investment to make sure you end up with the desired profit in your pocket in the end, make sure to do a proper rehab analysis. Either use old-school spreadsheet or try one of the rehab calculators. We tried a few RehabValuators and DealCheckers but recently found a new, better and real estate software called: Zilter.net. Check it out!