When rehabbing, we often hear about what we should do and what we shouldn’t do…but rarely do people talk about the things we are likely to forget.
Admittedly, one of the most difficult part of house flipping is rehabbing.
Every house you come across is different since there are so many variables to consider. As a matter of fact you can lose track of the whole purpose of rehabbing, which is making the house a whole lot more appealing to potential buyers.
How to Estimate Rehab Costs!
Estimating rehab costs accurately can make or break your real estate business, and it takes years of experience for even the best rehabbers to master the art. However, you can expose yourself to less risk and get more accurate with your projections by learning how the pros think when estimating construction costs.
The 5 Things You Don’t Want To Forget When Flipping Houses
I have five things that many flippers tend to forget when they go about the rehab process. If you read through, you’ll probably realize that you might have overlooked one of them.
1. Protecting Your Property Against Vandals
Rehabbing property is not a one day job; it can take several months to finish. An empty piece of property is vulnerable to vandalism. Most vandals can do anything to an empty abandoned house from spray painting it, stealing to punching holes in walls just for the sake of it.
Insurance will cover vandalism only during the first month that your property is unoccupied, after that you are on your own. So here are a few ways you can protect your house from vandalism:
- Cover windows with sheets or drapes
- Request the police for extra patrol and also explain to them that you are rehabbing
- Barricade all windows and doors that do not lock
- Change the locks
- Keep the lights on throughout
2. Forgetting To Light Up The House
If you were a buyer, would you buy a house that is full of shadows and dullness or one that is adequately lit and looks like it has some life in it? A well lit house looks less depressing and livelier.
Yellow lights are a no no. You can easily establish an upbeat mood with a bright set of lights so it’s a good idea to go for those. Another thing that you should never forget to replace is flickering lights. I associate flickering lights with horror films with gory murder scenes.
Overall, proper lighting is a cheap way of showing off what you have done with the property.
3. Forgetting To Conform Your House
If you are going to install new fixtures in the house at least ensure that they match. For starters, door knobs and hinges should match and so should shower heads, faucets and towel racks.
If you are going to purchase new appliances ensure they are all from the same brand or at least have the same style. It’s also a bad idea to install an expensive kitchen counter only to cheap out on the dishwasher.
4. Forgetting To Put On A “For sale Sign” Only When The Rehab Is Almost Done
Curb appeal is one way of attracting potential buyers but if a buyer sees a “for sale” sign outside a house that looks like it survived a storm, they might make a mental note never to return.
Another mistake that people make is to list a house with a picture before the renovating the front of the house. If the front of the house is dilapidated, that is what buyers will see on the picture. If you want to sell your house as soon as possible, this would be a less than ideal way to begin.
The exterior of the house is normally the last part of rehabbing so it isn’t going to be as appealing before the rehab is almost done. I always advice house flippers to list the property only when they are almost done with the rehab rather than when they are beginning.
5. Forgetting To Buy A New Mailbox
What’s the first thing you notice when you pull up to a house that you are interested in buying? Most people notice the mailbox.
An old rusty mailbox tells you that the inside of the house is probably just as rusty. After all, if you didn’t bother to take care of it, what other thing did you also forget to take care of inside the house?
Mailboxes are not that expensive. You can get custom mailboxes from any of the local shops in your area for a few dollars.
What other things do you think house flippers forget when doing their rehabs?
Be sure to leave your comments below!