Rules for Rehabbing Brooklyn Real Estate, Part 1

If you watch television home improvement shows, you’ve surely seen shows about rehabbing homes. When you buy Brooklyn real estate that needs repairs, you can get it for a great price and build instant equity once the work is complete. Whether you decide to live in the rehabbed home or sell it, you’ve gotten a good deal.

Here are the first five rules for rehabbing Brooklyn real estate:

  1. Buy low. The good news is that homes needing work usually already have discounted prices. You want to buy the home for as little as possible because you are going to have to spend more money rehabbing the home.
  2. Have a budget. You need to know before you begin the project exactly how much money you have to spend. Include the cost of the house, labor costs, permits, and the price of materials. Don’t leave out anything, and do everything in your power to stick to the budget you set.
  3. Take good notes. Walk through the home with at least a flashlight and a way to write down notes. Count the number of windows, doors, and rooms. Write down anything you see that will need to be replaced or repaired, including flooring, walls and ceilings. Include anything that seems out of the ordinary to you. These notes will help you plan your rehab.
  4. Be realistic. Many buyers underestimate the amount of time and money it will take to rehab a home. Round your expected costs up to the nearest $5000. Set aside part of your budget for problems that may arise during the rehab. You never know when a wall is hiding a structural defect that you will have to repair. Keep your timeline flexible.
  5. Hire professionals. You will be able to do some of the work yourself, but you will need professional help for some of the work. Find a good plumber, electrician, carpenter, and roofer. Negotiate prices with them and never pay them for all the work until the job is completed.

Looking for homes to rehab?  I can help.  Call me today at (718) 253-9600 ext.206 or email me Charles D’Alessandro of Fillmore Real Estate at [email protected] for more information about rehabbing Brooklyn real estate.


2 Responses to “Rules for Rehabbing Brooklyn Real Estate, Part 1”

  1. […] Rules for Rehabbing Brooklyn Real Estate, Part 1, you received the first five rules for rehabbing. Now, let’s go more in depth about how to rehab […]

  2. Zada Mirsky says:

    I feel like I’m often looking for interesting things to read about a variety of niches, but I manage to include Brooklyn Real Estate Blog among my reads every day because you have compelling entries that I look forward to. Here’s hoping there’s a lot more top-notch material coming!

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