Buy to rent homes can need a lot of work and depending on your resources, you may need to do most of the work yourself. When determining your rehab strategy it is important to prioritize the tasks needed to get the property cash flowing as soon as possible.
After assessing the list of projects, your mission is to rank them in order of importance with regards to making the home safe and habitable for your tenants. Plumbing and electrical issues need to be high on the priority list and should be taken care of by professionals unless you are well versed in these areas.
1. Take care of infrastructure based repairs first will allow you to make your repairs without needing to worry about the cosmetic issues that can come with cutting open walls and ceilings, because these areas will be addressed later in your priority list.
If the home has "good bones" and just needs to be dressed up with new paint and cosmetic repairs, your priorities need to be focused on the kitchen and bathrooms to ensure they are in tip top shape before bringing your first tenant through the home.
2. Once you have resolved the infrastructure repairs, the next task is to develop a plan to enhance curb appeal of the home. You want to make sure that the tenant's first impression when the walk up to the property is positive. Scrape and paint from the gutters, add new plants in the flower bed and dress up the home to become warm and inviting to whoever walks to the front door.
3. Lastly, you can address small cosmetic repairs once the big projects are done. Some of these might include, adding lights and ceiling fans, wall plate covers and new door handles. Small cosmetic adjustments can add a final touch to the home for your new tenant.
In summary, prioritizing your project list for your new buy to rent home can allow you to market your home and fill the vacancy quickly so you can begin generating revenue from your new property.
After assessing the list of projects, your mission is to rank them in order of importance with regards to making the home safe and habitable for your tenants. Plumbing and electrical issues need to be high on the priority list and should be taken care of by professionals unless you are well versed in these areas.
1. Take care of infrastructure based repairs first will allow you to make your repairs without needing to worry about the cosmetic issues that can come with cutting open walls and ceilings, because these areas will be addressed later in your priority list.
If the home has "good bones" and just needs to be dressed up with new paint and cosmetic repairs, your priorities need to be focused on the kitchen and bathrooms to ensure they are in tip top shape before bringing your first tenant through the home.
2. Once you have resolved the infrastructure repairs, the next task is to develop a plan to enhance curb appeal of the home. You want to make sure that the tenant's first impression when the walk up to the property is positive. Scrape and paint from the gutters, add new plants in the flower bed and dress up the home to become warm and inviting to whoever walks to the front door.
3. Lastly, you can address small cosmetic repairs once the big projects are done. Some of these might include, adding lights and ceiling fans, wall plate covers and new door handles. Small cosmetic adjustments can add a final touch to the home for your new tenant.
In summary, prioritizing your project list for your new buy to rent home can allow you to market your home and fill the vacancy quickly so you can begin generating revenue from your new property.
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