A fixer-upper can be a great way to make money on the side, have a hobby to escape your everyday life or turn a house into the home of your dreams with your own hands. Just like your home or a business, a disaster can be devastating for a project like this. Good communication with your tenants and routine property checks is always a good idea, but here are 5 tips for a fixer upper or rental property owners to keep in mind to prevent chaos.
1) Whether during a tenants stay or between/before tenants, a deep clean is always a good idea. Whether because of pets, odors, or any type of smell, a deep clean can be so beneficial just being in the house to be able to inspect it can help prevent future damage. Also inspecting after a big storm or natural disaster. Depending on which part of the country the house is, depends on which natural disaster is more relevant. Routine checks and knowing the condition of the property will be a benefit in the end.
2) In the beginning part of working on a fixer-upper, inspecting for past water or mold damage will prevent future damages. It is understood that knowing all that could be wrong with the house is not possible, but inspecting the structure of the house and stripping it down before starting the rebuilding process is a great idea. This will help with huge future unexpected disaster because it was taken care of at the beginning.
3) Inspecting the roof and making sure it is in tack and good condition before purchase is easily the best way to avoid chaos with a fixer-upper. Repairs in a roof or a brand new roof can be anywhere from $10,000-$40,000+. Not to mention what other aspects of the house can be damaged because of a roof leak. Inspecting after rain is a good way to see the condition of the roof.
4) Replacing old or worn electrical and plumbing parts is another huge aspect of making sure a fixer-upper is done correctly. The presence of these elderly building materials is a sign of trouble in either galvanized steel pipes such as sediment can build up in the pipes, and they may leak and corrode or aluminum wiring with being a potential fire hazard. Replacing a home’s plumbing and wiring are budget-killers involving thousands — if not tens of thousands of dollars.
5) Limit the red light factors when buying the house such as drywall problems, rotten foundation or structural problems, bat locations or anything that can add up quick with a total repair along the same lines as roof damage (explained in tip #3). Redoing bathrooms or kitchens is one thing in the world of working with fixer-uppers but to have problems with mission-critical issues that could lead to spending portions of the original budget towards unexpected repairs is what potential can be avoided with rebuying inspections. Understood that there is almost always expenses that come without warning but being able to see as much and be as prepared as possible will go a long way with planning and budgeting towards to the end goal of preventing chaos.