Things To Look For When Viewing A Rehab??
I'm going to be viewing a potential rehab prop tomorrow (just came up) . As a homeowner I have some knowledge, but does anyone have a check list they use to elliminate potential problems? Anything that may cause you to run in the other direction? Also, other than bringing in my contractor is there a general way to estimate potential rehab costs quickly?
get yourself a copy of a home inspection report (you can download one from the internet. And use it when you inspect a property for potential rehab work. There is no shortcut when it comes to determining costs for rehab. Every property is unique so the best way to go is to establish a rapport with a good rehabber and let him (or her) guide you. Pay them for their time and they will become an important asset to you. Under estimating potential costs can ruin a sweet deal. so find a good one who knows what they are doing.
Sound advice.
Since you are going tomorrow, I will offer this...
When you approach the property, look at the roof. Note it’s condition, how many layers of shingles it has already, and most importantly -- is it sagging? Check the lot for any sinkholes, obvious septic system damage, and oil tank fill and vent lines (you want to know if there is an underground tank).
Once inside, head straight for “the main event” -- the basement. Check for:
termite damage, especially at the sill, and any other wood-be trouble
the boiler
the electrical panel
the hot water heater
Z shaped cracks in the foundation
Other items to note, but of secondary concern:
water damage, mold, sealed asbestos
Go to the top floor and check the ceiling for roof leaks. Note the window condition.
Almost anything in between is what an old friend of mine used to call ,in broken English, “jussa fo fun”. You can get a sense of material costs at Home Depot or with their ProBook, but always remember that it’s the cost of labor that separates us from the animals.
Best of Luck,
Quinn