As I wrote previously, I am in the process of doing a major rehab on one of my properties.
The first step in any rehab process is to assess what you need to do. What needs to get fixed? Then you can get estimates and figure out costs to develop a rehab budget and hire contractors.
To assess rehab needs, I have a very simple Property Inspection Sheet that I use to make sure I do not over look anything. I use this sheet when I am looking at my own properties in need of rehab and properties I am thinking about purchasing.
My inspection sheet lists the major components of a property with columns labeled, Yes, No, Cost and Comments. When looking at a property, I examine at each component and then check Yes or No regarding the rehab needs of the component. Then I estimate a cost, total it up and I have the beginnings of a budget.
Upon assessing my property, I determined that I needed the following:
- A New Roof with some Decking
- Exterior Painting with some Rotten Wood Replacement
- Yard Cleanup
- Interior Painting
- Interior Wood Floors Refinished
- Kitchen Remodel
- Bath Remodel
- HVAC Tune Up
- Storm Windows.
This is a sizable and expensive list for any property. I talk more in future posts about costs, time tables and include some pictures of the process. Until then, feel free to download and use the Property Inspection Sheet I mentioned.
