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Rules for Rehabbing Huntsville Real Estate, Part 1

By: Huntsville Real Estate Expert Mike Manosky On April 9, 2010

If you watch television home improvement shows, you’ve surely seen shows about rehabbing homes. When you buy Huntsville real estate that needs repairs, you can get it for a great price and build instant equity once the work is complete. Whether you decide to live in the rehabbed home or sell it, you’ve gotten a good deal.

Here are the first five rules for rehabbing Huntsville real estate:

  1. 5559352_blogBuy low. The good news is that homes needing work usually already have discounted prices. You want to buy the home for as little as possible because you are going to have to spend more money rehabbing the home.
  2. Have a budget. You need to know before you begin the project exactly how much money you have to spend. Include the cost of the house, labor costs, permits, and the price of materials. Don’t leave out anything, and do everything in your power to stick to the budget you set.
  3. Take good notes. Walk through the home with at least a flashlight and a way to write down notes. Count the number of windows, doors, and rooms. Write down anything you see that will need to be replaced or repaired, including flooring, walls and ceilings. Include anything that seems out of the ordinary to you. These notes will help you plan your rehab.
  4. Be realistic. Many buyers underestimate the amount of time and money it will take to rehab a home. Round your expected costs up to the nearest $5000. Set aside part of your budget for problems that may arise during the rehab. You never know when a wall is hiding a structural defect that you will have to repair. Keep your timeline flexible.
  5. Hire professionals. You will be able to do some of the work yourself, but you will need professional help for some of the work. Find a good plumber, electrician, carpenter, and roofer. Negotiate prices with them and never pay them for all the work until the job is completed.

Looking for homes to rehab?  I can help.  Call me today at800-803-0053, 256-508-0211 or email me at mike@movetohuntsville.com for more information about rehabbing Huntsville real estate.

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