Is Buying a #Rehab Home Worth It?
There is no clear line defining the difference between a rehab and a fixer upper. Generally, a fixer only needs some relatively inexpensive cosmetic improvements to increase the property value. Often a fixer involves repairing a few dinged walls, fresh paint, new carpet, or refinished floors. You start entering a grey area by replacing major appliances in the kitchen. It becomes a full rehab when water damage must be repaired, a new roof is needed, and/or kitchen appliances are relocated.
You can usually live in the home while doing fixer projects, but a rehab is often uninhabitable or difficult to live in for a period of time. Of course, the costs are also significantly different. Painting the entire interior of a typical house and replacing carpet can cost $15,000 or less. You can also fix up one room at a time to spread the cost out over time. According to HomeAdvisor, a typical rehab will cost anywhere from $18,000 to $79,000 or more. A rehab house can be uninhabitable as walls are ripped out and kitchens or bathrooms are completely demolished to begin again.
Pros and Cons of Buying Rehab
On the other hand, turnkey homes are ready to move in and these are what the vast number of homebuyers are looking for. They are also looking for the convenience of moving in over the weekend, putting the dishes in the cupboards, and going to work on Monday with minimal disruption to their lives. Compared to a rehab, homebuyers pay dearly for the convenience of a turnkey. That is why there is a strong market of investors that do the rehab in return for a substantial profit selling turnkey ready homes.
But you don’t have to be an investor to t…
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