Rehab In What Amount Of Time
Is there a rule of thumb to how fast you want to get the work done and the house in showbale condidtion? And what point would you put the sign in the yard and ads in the paper to attract potential buyers? This is all assuming the house needs maybe $10k in work - no major work needed.
Faster is better.
the time depends on the amount of work needed to complete which is different at each project. i do not advertise until complete. for me i've found the closer to "perfect" i have the home the less price "bickering" i have..................km
As fast as humanly possible. I like to figure on a time its going to take and challenge my crew to cut it in half.
Does this question really need to be answered.? I'm surprised anybody responded. I realize that newbees post here for answers, but lets get real.
To give you an actual time frame. The rehab I have going right now, my contractor started on this past monday and he is on schedule to complete no next monday but the following monsay. So about two weeks on that one. No major structural or mechanicals involved. ( So far) lol. Now if I were doing it myself, part time, I would add at least another two weeks onto that. Also piece of advice from experience, make sure your contractor and you sign an actual bid that spells out what needs to be done, and when it will be done by and a per day penalty if it isn't done by that time. Save you from having two or three weeks go by with no work being done on the property and then getting " Oh yeah we'll get back over there next day or two and get that finished up" and then another week goes by. and don't pay the contractor the final payment until you sign off on everything and you are satisfied ( again from experience!)
Joe
[addsig]
thanks Joe - I guess that one guy was always a pro and never started out new
I would want my rehab to be bought, fixed up, sold, and the buyers loan funded within 6 months... Of course it all depends on how much rehab is needed to be done, but this is what I look for.
Good Luck!
[addsig]
Handsomeprofit I think you are confused on the steps. The rule of thumb to get the work done is always : Do it in the time I estimated it would take, before I ever bought the property.
Which means on time, based on the work going into the property. If the house is just cosmetic and it only needs 2 weeks worth of work, then I want it done in 2 weeks. If the house burned to the foundation and I estimated 6 months, then I want it done within 6 months.
Before you buy anything you have to figure out your expenses and part of that is holding costs to rehab.
As far as when to market, you will get a lot of opinions, mine is not until it it just about perfect.