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Monday, May 17, 2010

Rehabbing Real Estate: How to Cut Expenses

Contrary to popular belief, you don’t have to shell out tens of thousands of dollars when rehabbing real estate. You don’t have to go all out and spend your entire budget on the renovations and redecorations to ensure that it will please a potential buyer. Because all you need to do is to make a good first impression when selling a rehabbed home, you don’t have to furnish the property with expensive appliances and gold-plated fixtures.

For rehabbers on a tight budget, there are many ways to make a good impression without having the need to dig deeper into your pockets. You just have to put your creativity and resourcefulness into good use and voila, you can easily find a buyer and pocket a bigger return on investment.

When rehabbing a fixer upper home, always remember one of the golden rules: identify which fixtures need to be replaced and those that don’t need to be replaced. Before you start throwing the old appliances out or proceed with the demolition job, take a good look at the property you want to fix and flip first and find out which appliances, fixtures, and other miscellaneous items that you can still use.

For instance, instead of throwing the old kitchen cabinets away, see if they are still in good condition. As we all know, kitchen cabinets are quite expensive (especially the high quality ones) and replacing them can cost you a few hundred bucks. So if the cabinets are still usable, why not give them a makeover? This way you can save a good deal of money when rehabbing real estate.

You don’t have to buy expensive decorations, like crystal chandeliers and silver-finish door knobs, just to make a good impression on the buyer. There a lot of inexpensive decorative items that can boost the curb appeal of your fix and flip project. A good example would be an electronic switch plate.

Many rehabbers commit the mistake of showing a rehabbed home without taking the time to replace old and crusted switch plates. Some of them make an even bigger mistake of painting these items over. To tell you the truth, switch plates don’t cost more than a buck and for $20 or less, you can replace all switch plates in and outside the property. So if you want to make sure that a buyer won’t be turned off by grimy switch plates, see to it that you replace them with new ones.

Learn the inexpensive way of rehabbing real estate by going to www.Rehab-Real-Estate.com. The website has various resources that you can use beef up your real estate investing business.

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