Get ready to remodel and flip.
Remodeling an investment property can be an intimidating task for any investor, but with the right contractor and the proper steps, a remodel can prove to be quite profitable. Take a look at this extensive remodel by Brista Homes. The end result was a brand new home (aside from it’s age) with a turn around time, from start to finish, of three months.
Step One: Estimating the Renovation Costs
Estimates were started as soon as the home went under contract. Once all the numbers were in, it was time to separate the “musts” from the “wants”. For example, repairing the roof, and replacing the AC unit and water tank were a “must”. Tearing down the kitchen wall to make it an open concept was a “want” but fit the budget.
As soon as the property closed, all supplies and material were ordered.
Step Two: Meet the Neighbors
Introduction letters were sent to the neighbors and the association informing them of the renovations and where to direct concerns they might have through out the process. This helped the job to start off on the right foot.
Helpful hint: As a result of the letter, you may receive calls early on about interest in the home. Make it a point to only show the home once the remodel is 100% complete. Save their information and assure them that you will update them when the home is nearing completion.
Step Three: The Demolition
Within hours after closing, the dumpster was delivered. The demolition was started immediately. The tacky wall paper was stripped, the popcorn ceilings were scraped, the moldings and doors were removed, the kitchen and guest bathroom was gutted, and the confining kitchen wall was removed.
The only two items salvaged in this property were the hardwood floors, the master bath marble tile, and a small section of kitchen cabinets that were cleaned and reused in the laundry area.
Step Four: Rough-in Mechanical Stage
These “must” items in the remodel were tackled first:
AC duct work
Electrical wiring for recessed lighting
Plumbing behind the walls
Helpful hint: Do not re-texture and paint the ceilings without repairing the roof leaks first. Do not repair dry wall before fixing the plumbing.
Step Five: The Installations
The following items were taken care of during the installation process:
Retexturing of the walls and ceilings
Installation of kitchen cabinets and bathroom vanities
Floor and wall tile installation
Granite counter tops installation
Hard wood floors sanded
Helpful hint: When doing a kitchen, bring your dimensions to Lowe’s or Home Depot and have them design the kitchen for you. You’ll get the right size cabinets with a good fit.
Step Six:Trim out
The remodel was now ready for the finishing touches. This is also referred to as punch out and consists of the installation of plumbing fixtures, light fixtures, and outlet covers, paint touch up, etc. It’s a good idea to walk through at this point and create a punch list of items that need completion. These finishing details are what makes the remodel stand out above the rest.
Step Seven: Construction Clean
The home was professionally cleaned, including the windows.
Step Eight: The Garage
The garage doubled as a work shop during the remodel process, so it did not make sense to tackle this area until the end. The painting of the garage trim and walls were scheduled at the same time as the interior paint touch up. The garage floors were acid washed, etched, and received two coats of epoxy. Not only did the homes interior look brand new, but now the garage did too.
Next, the hard wood floors were stained and sealed. The floors received three coats of sealer, and were sanded lightly between each coat.
Step Nine: Carpeting
Since workers were coming in and out of the home, the carpets were installed last. Wall to wall carpeting went into the master and guest bedrooms.
Step Ten: The Exterior
Curb appeal plays an important part in making your investment property stand out from the rest. The home was pressure washed and damaged lanai screens were replaced. A professional landscaper was hired to clean the yard and remove the old stone hardscaping. Mulch and flowers were added along the walkway. An appealing exterior sets a good first impression and attracts buyers.