Any first time investor can save themselves a lot of money and time by following these proven stages to tackling any major rehab project. A very important step before you even get started is to make sure you have a clear understanding of what is required to meet the code standards for every stage of your project.
1. Check the structure of the property, make sure there are no major repairs needed for the foundation of the project. Also check the roof for any need repairs.
. Work on the major systems first. If the property has been vacant for some time, make sure you check the stack pipe. These pipes are known to crack if not being used for any length of time.
3. Next it often a good choice to tackle your electrical wiring. This is often much easier if the walls have been stripped down to the studs, if not than you will have to resort to the old fashion way of fishing and tunneling through the drywall or plaster for this stage.
4. Usually the next stage is your plumbing, and like with the electrical it is much easier if the walls have been stripped down.
5. Now it is time to address any mechanical issues such as such as a heater or HVAC System.
6. Finally it is time to start of the framing and hanging drywall. This can often be a tricky part of the project. It is always a great help to have a good carpenter and a drywall crew.
7. Finishing touches. This truly where you put the sparkling face plate on all your hard work. If you are flipping this is what closes the deal for potential buyers. If it is your great deal on your own home or investment property, this is the stage where create your own personal oasis. This is where you select the paint colors, flooring, countertops, appliances and on and on. But donâ€™t go too crazy, too much spent here can kill your return on investment regardless of our investment strategy.