Although rehabbing properties usually involves making cosmetic upgrades, sometimes structural changes can’t be avoided. Major renovations can require lots of money and time, but they may be well worth the effort, depending on the original cost of the purchase and the final sale price. If you’ve decided that you need to replace the roof on a home, here are some real estate flipping tips for roofs:
● Determine if the entire roof needs to be replaced. Sometimes, you may find a home that just needs a few shingles replaced, so be sure to determine whether the entire roof actually needs to be replaced before you move forward with such a large project. A home inspector should be able to help you decide whether the whole roof should be redone or not. Water damage in the attic may be a sign of a leaky roof – so pay close attention when you tour the home.
● Get an estimate. Check with three or four local roofing companies to get estimates on how much it’s going to cost to replace the roof. The companies will measure the roof and then tell you how much the replacement will cost. If a particular company has a wildly divergent estimate – much higher or lower than the other companies – find out why before making a decision.
● Decide on a color. The color of the roof can dramatically increase – or decrease – curb appeal. When you’re rehabbing properties, decide on the color you’re going to paint the outside of the home and choose shingles to match. Another option is to pick neutral shingles and pick out your paint colors later, matching them to the shingles.
● Make a timeline. Real estate flipping tips will often tell you to make a timeline for your project to make sure you stay on track. If you have to replace the roof, make sure you include this in your timeline. Often, roof replacement can take more than one day, so make sure you schedule ample time for the contractors to work.
Rehabbing properties can net you lots of money even if you have to make major renovations, such as replacing the roof. Reading real estate flipping tips can help you make the most of your renovations, and they may even help you save money on your next flip.
