Rehabbing a house is not just simply renovating a property to make it habitable.
If you want to maximize your income in every rehab project, here are simple tips that would add extra dollars to your profit.
- Add a new bedroom.
Common sense would tell you that a 4-bedroom house is likely to sell higher than a 3-bedroom property.
So if you can add a new bedroom to a property, then do so.
However, ensure that the new room adheres to local building codes, which vary from state or city.
The basement, attic, and carport are the ideal areas of the house that can be easily converted into bedrooms. - Stage the bathroom.
Ask any veteran rehabber around and he would readily tell you that staging the bathroom is one of the best ways to sell the house fast and for a higher profit.
Staging a bathroom simply means making the room stand out.
For some reason, home buyers are particularly choosy when it comes to bathrooms.
Spending more time, effort, and little bit more money to beautify bathrooms could earn you extra profits when reselling a rehabbed home. - Put special attention to the house's "money room.
" While staging bathrooms could add extra dollars to your profit, doing a great job in the kitchen is simply a must for every rehabber.
The kitchen is sometimes called a house's "money room" because it can often make or break a deal.
Placing special attention to the kitchen when rehabbing a house might spell the difference between a hefty pay check and a measly profit. - Factor your utility costs.
A lot of rehabbers all too often forget that they consume electricity and water when rehabbing a house.
These rehabbers don't include these utility costs in their expenses, which in effect, eats up on their profits.
Avoid making this mistake by always factoring your utility costs during the entire phase of the rehab project in your repair costs.