So you’re searching for a home in Southern California and you’ve found several homes that would be perfect after they’ve been rehabbed, but the BIG question that you have is if it’s even worth the effort for you to rehab a house.
The answer to this question depends on who you ask, but you can make your job of choosing a rehab home easier by asking these simple questions.
Question #1 – Where Is the Home Located?
Although the home may need some work the reality is that the investment in a rehab home may be worth it for you if the rehab house is in a great location. Homes that aren’t in good school districts, close to stores, or public transportation, should be looked at twice because you may not get your rehab investment back especially if you plan on flipping the home after you fix it.
Question #2 – What Are The “Hidden Expenses”?
Even though the home may look like it will be a fast rehab what are the hidden expenses or things that need to be repaired that you can’t see from the street? Does the home have a bad foundation; need a new roof, new water heater or new windows? All of these costs add up and should be reviewed before you move forward with buying a rehab home.
Question #3 – Can You Do Most Or Some Of The Work Yourself?
Yes, you may not be what some people call a “handy” person but reality is that if you can use a paint brush, or aren’t afraid to demo a wall yourself, you’re going to potentially save thousands of dollars on your rehab and you will be able to use that savings elsewhere in your home when needed.
Question #4 – Are You Prepared To Live Through A Rehab?
Last of all, but most important, unless you can live in your rental, or current home until your house rehab is completed, you should also ask yourself honestly if you’re prepared to live through a rehab because, even though the idea of a rehab may seem cool to some people, living in a home that’s in the middle of a rehab can be difficult.