If you want to get into rehabbing, there are certain steps you should take to make sure the rehabbing process goes smoothly. Keeping things organized is one of the main keys to a successful rehabilitation.
1. Carefully Estimate Costs of Rehabbing
One of the most important things to ask yourself is how to go about estimating the total costs of rehabbing. One way to make this easier is to divide the cost of the project into four areas: plumbing, electrical, roof and structure, according to Jonathan Mednick of CRE Online.
Specifically, in the roof you should take a look at the sofit and fascia for any damage caused by rot or termites. Loose shingles are another thing to take a look at along with ceilings, which might have discolorations, holes or water stains. See if the plumbing works the way it should, walk around the building to see if there are any cracks in the foundation or siding. For electrical, you’ll want to see if the building uses a fuse box or circuit breakers, and check when electrical was last updated.
There are other factors to consider, of course, including the demographics and general location of the property.
2. Determine Whether to Use a Handyman
When rehabbing a property, you can either choose to fix up a property on your own or find a handyman to do it. Doing it yourself might seem like a good idea when there isn’t too much to fix that you don’t know how, but at the same time it could come to haunt you later if you don’t follow code strictly. If you choose to hire a helping hand, make sure they do a decent job, or you could run into the same troubles.
3. Consider Supplies and Other Expenses
You should always have some extra cash to use to pay rehabbers for assistance with finding supplies. It can often take a while to get all of your supplies together, but having rehabbers help will make it faster.
4. Be Inconspicuous
Don’t make it obvious when rehabbing is taking place. Keep doors closed and windows covered, remove signs and don’t let rehabbers arrive to work in commercial vehicles.
5. Get Permits
You will most likely need permits for different parts of the project, and while some people may be able to complete a project without permits during weekend hours, it’s still a risky operation without them. You should figure out whether or not permits are a good idea to have.
There are many other tips to disclose for rehabbers, and we’ll reveal them in our next post.