Rehabbing a Property - Simple Tips To Save You Money!

Rehabbing properties to lease seems easy. You find a property, you repair all of the unsightly items in the house and then you rent it out--no problem! But did you rehab it right. Did you spend enough or spend too little on paint, on cabinets, on plumbing fixtures, on carpets or on bathroom fixtures? How will you ever know?

Well, there are some simple rules to follow when rehabbing a property. Some rules of thumb if you will that will ensure that you don't spend too much money, but still use quality materials that will hold up under your tenants' use. Follow these simple yet important tips when rehabbing and they will save you time and money:

Consider using quality faucets throughout the property. Faucets with warranties and replacement parts. Quality faucets will save you from having maintenance issues in the very near future and they will better stand up to abuse.

Use heavy polyurethane casting cabinets with smooth rollers on drawers and solid hinges. These cabinets are not "top of the line", but will look great and they will withstand the test of time with your tenants.

If it isn't already, make sure to replace the existing water heater with a 40-50 gallon water heater. This is great if the tenant has a large family or they just like to take long, hot showers (make sure to charge them for water useage, we always do).

Another area of the project to consider is flooring. Purchasing a quality carpet pad is important, as it may save you from replacing the pad and the carpet down the road when the carpet is not able to be cleaned and needs to be replaced. At that point all you need to do is replace the carpeting, saving you possibly thousands of dollars. Other flooring that you should consider for your project would be laminate. Most laminates look great, come in a variety of styles, are very durable, and can be laid over the existing floor.

Use a washable paint. This again may save you time if the tenant does not dirty the walls too badly. If that is the case all you have to do is clean with soap and water saving you from repainting before renting to the next tenant.

Heavy solid doors and solid hardware will save you from constantly replacing these items every year or so. The doors may have to be repainted from time to time, but a good, solid door should stand up with even the most "physical" tenants.

Use quality toilets. Better quality toilets will give you less headaches in regard to clogs and will last longer than a cheap toilet.

In the kitchen, put up chair rails on the walls. This will ensure that the walls will become less damaged over time and will save you from filling in holes and repainting.

And last, but not least, make sure you leave easy access to the water shut-off valve in the property. Show the tenant where it is and instruct them how to use it during the leasing procedure. If they have a water emergency (water spilling out all over the place), they will know how to shut it off. This could save you hundreds if not thousands of dollars in water damage repair costs.