How to Identify a Property That is Suitable for Rehab?
Believe it or not, there are some real estate customers out there who are not interested in buying a brand-new house. These same individuals would prefer to find a fixer-upper house that they can renovate into the place they want to live in. Of course, this comes with some caveats. Newcomers to this type of home buying process may be shocked to find that in spite of a lower house price, they end up paying far more for renovations and fixes that they did not properly account for in advance. In order to find a property that is suitable for rehab without breaking the bank, follow the instructions below!
Check online and local listings: The first thing you want to do is check real estate websites along with local magazines to find these properties. For the most part, they can be found by identifying foreclosed/real estate owned properties. We know that this is common sense to you, but you want to make sure that the rehab property is in the neighborhood that you want to live in.
Use a real estate agent: In some cases, the real estate agent might get word of a suitable property for rehab before anyone else does. If you let your agent know that you are on the lookout for rehab properties, you might get a call from them and get first dibs! This is important because rehab properties tend to disappear as fast as they appear.
Read the description: These rehab properties will come with a brief description of the things that will likely need to be fixed. Pay close attention to these because you will want to have a sharp sense of what it will cost in terms of time, effort and money in order to rehab the property to your liking. If you have any doubts, you can always schedule a call and discuss these details with the current owner.
Conduct a full house inspection: To finalize the process, hire an inspector to conduct a full investigation on the property of interest. They may find additional repairs that you would not have found on your own while giving you a good estimate on what it would take to fix the property and turn it into your dream home.
Sounds exhaustive, doesn’t it? Not to worry, this will save you a significant amount of stress and worry in the near future. If you take these steps, rehabbing a property should not be a worrisome process!
How do you find suitable properties for rehab? Let us know on social.
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