If you’re an investor looking to get a good deal on a home it may mean it requires some home rehab. It’s no secret that rehabbing/ flipping a home can be costly and time consuming. However, it can also be rewarding and profitable investment strategy.
What Is a House Rehab/ Flip?
A house rehab is when a person buys a property in its current condition and renovates or improves it. A home rehab generally is more extensive, and could involve fully replacing cabinets, busting out walls, replacing appliances etc. On the other hand, flipping generally focuses on more minor or cosmetic changes such as paint, fixture changes and landscape. The goal of rehabbing/ flipping a house is to sell it for profit or (in our case) rent it out to tenants as a long-term investment strategy.
How Much Does It Cost to Rehab a House?
According to Homeguide The average home rehab costs $20,000 – $75,000 depending on your of the property. To estimate the costs, you must factor in several things.
• Purchase price
• Supply and Material Costs
• Contractors and Labor Costs
• Permits Associated with Rehabbing
Short Guide to Rehabbing a House
The first step to rehabbing a house is purchasing a property that needs renovations or repairs. Before making an offer, you’ll want to estimate the After Repair Value (ARV) to determine if the property is worth your time.
You found the right house to reno! Great! But now what? If you’re not sure how to start once you’ve purchased your property, here are the steps to consider:
1. Evaluate Your Property
2. Come Up With a Budget
3. Find Qualified Contractors
4. Get the Right Permits
5. Demo and Clean the Property
6. Start on the Exterior
7. Finish With the Interior
8. Last minute design touches
Care For Your Rentals With Property Management
You spent a ton of time and a ton of money renovating/ flipping a home that you hope is to use to make you a profit. Now its time to invest in one more important thing! A quality property management company to get that beautiful like new home rented out to a proper tenant! After all that hard work renovating let us make this process easy!
At All County Property Management Group, we are here for you and all your property management needs! We help not only renters find their next home but also property investors looking for an experienced property management company to take over the hard work of property management. We offer up-to-date listings to suit a variety of needs and budgets. In addition, our dedicated leasing staff works with you every step of the way so you can feel confident in your home choice. Plus our team handles all property management needs from maintenance, leasing documents, marketing and more! For more information or to see our available listings in your area, check us out today!