Rental Real Estate Rehab Budget

Creating a budget for rehabbing a rental property is crucial for ensuring profitability. A well-planned budget helps manage costs effectively and maximizes return on investment. Here is a guide to structuring a comprehensive rehab budget.

Initial Assessment

Before creating a budget, conduct a thorough assessment of the property to identify necessary repairs and improvements. Consider the following:

• Structural Integrity: Examine the foundation, roof, and walls for any significant issues.

• Plumbing and Electrical Systems: Check for leaks, outdated wiring, and necessary upgrades.

• HVAC Systems: Ensure heating and cooling systems are efficient and operational.

• Pest Infestation: Inspect for termites, rodents, or other pests.

• Updating Interior and Flooring

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1. Labor Costs Contractors Skilled labor (electricians, plumbers, etc.) General labor 2. Materials Flooring (carpet, tile, hardwood) Paint and wallpaper Fixtures (lighting, plumbing) Appliances

Every Property we do has all the ingredients to ensure Success and keep the property on budget.

The process should be able to get the desired rent. Our clients get that 99% of the time. The 1 % gets it also we pay for the extra needed ourselves.

Getting a property ready to lease is a big task that our team does for you and all you have to do is relax.

1200 Properties and counting already in the Books! Better Properties-Exceptional Results

Contact Brett 216-703-5740 Key Realty and Property Management 

Click here for a 15 min Meeting w/Brett