The Real Estate Encyclopedia
House For Sale In Alabama - How To Rehab And Market A House
Category - Real Estate Information Sources - Real Estate Articles

Have you been looking to buy a house for sale in Alabama to rehab?  Are you hoping to turn and sell it for profit?  I can give you a few tips on buying or selling these fixer-uppers.

 

If you will keep these things in mind before you purchase a rehab house for sale in Alabama it will make your life much easier.  I speak from experience, having rehabbed several hundred houses back in my day when I bought and sold land and houses in states such as Alabama, Mississippi, Texas, and Oklahoma. A major rule of thumb I use is to never buy a rehab house unless it is on a concrete slab.  The reason I say to never buy unless it is on a slab is because you can have foundation problems and if you do, you will wish you hadn't purchased that one.  I once rehabbed a house that if you set a bowling ball down in the middle of the room it could knock down a set of pins before rolling out the door.  This was a very expensive mistake!  You can also run into the problem of too much moisture under the house.  If the house doesn't have proper ventilation you can find the lower part of the walls and the floor rotten.

 

If you buy a house for sale in Alabama to rehab, prepare to spend at least fifteen percent more than you figure it will cost in repairs.  Knowing this will help when you negotiate with the seller on the purchase price.  Keep in mind you are offering on the house "as is" and are going to put a lot of money in fixing it up.  If you have no experience you might consider a home inspector to help you come up with the amount you will need for household repairs.  This can save you thousands of dollars on the cost but be prepared.  Home inspectors aren't free.  It could cost you $250 to $500.

 

When you have purchased your first rehab house, be sure to find a good contractor.  When I say good, I mean honest and hard working.  Get a clear understanding of how the contractor will bill you.  Get a material list and tell him you will want a detailed invoice so you can know exactly what you are spending.  When you have free time I would suggest working on site with the contractor just to watch and see if he is billing you for the correct number of hours. You can really get taken advantage here

 

Looking for a house for sale in Alabama to rehab?  With today's market, make sure you are prepared for your house to sit a year.  Maybe you'll get lucky and it will sell quicker than that.  But it's best to prepare for a year.  If you donít think your finances will allow that, you might want to wait for a busier market before you get into this business. Financing and the state of the economy should help drive your decision making process.



References


External Links
www.louisianalandsource.com
www.mississippilandsource.com
www.texaslandsource.com
www.arkansas-landsource.com
 
 
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Real Estate Information Sources - Real Estate Articles
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