What does it mean to “rehab” a home? From a real estate perspective, it means restoring and/or improving a property to satisfactory condition by making necessary repairs and renovations. Rehab does not, however, mean changing the floor plan, form or style of architecture. Rehab can include installing new pipes, new electrical wiring, a new heating/cooling system, and/or appliances in a home to modernize it and bring it up-to-date with people’s expectations for the times we’re living in.
Rehab typically occurs when a property owner is either looking to sell an outdated place and/or improve what they own to make it nicer for those living there or intending to live there. Take a look at surrounding homes and properties to help figure out how much to rehab. The goal should be to get a home on-par with neighboring homes. Homes that haven’t been maintained or occupied for some time often need rehabbing.
While some people may tackle a rehab themselves, most choose to utilize professional contractors who are paid to make repairs and renovate homes. These contractors have both the know-how and the tools needed to complete various rehab projects.
To rehab a home involves money, obviously, so it’s a good idea to set your budget and a timeline of when you want things finished. Then, add more money and more time to what you think you’ll need because rehabs almost always take longer than expected and have numerous “extras” popping up along the way, costing more money. It’s just the way rehabbing goes.
Don’t be afraid to ask lots of questions of contractors and to get everything in writing. Hold them accountable. Discuss changes to their bids especially before the work is done so everyone is on the same page and the budget can be adjusted accordingly.
Ultimately, rehabbing a home makes it more attractive to those living there, guests, and potential buyers.
If you need help selling a home you own or have rehabbed, contact AlexisHomes today.