When you want to renovate a house, time is often of the essence. For investors who are planning to flip a property rather than holding on to it, how fast you can rehab it will play a significant role when deciding whether or not to buy the building. In order to avoid losing money, you must be able to finish remodeling fast enough to avoid paying as much holding fees (property taxes, HOA fees, etc.) as possible.
However, answering the question: “how long does it take to renovate a house?” is far from straightforward. It can take from a few weeks to many months. As it is often the case with real estate, it will vastly vary depending on your circumstances, such as the type of property you are considering renovating, the work to be done, your knowledge of the subject, where you are located, etc.
Here are some of the things you should take into consideration when you are planning to renovate a building.
What is the scope of work?
How long renovation will take varies based on the scope of work to be done. Obviously, if the house is very big and needs extensive repairs, it will take longer than a small house which is slightly outdated.
Each type of project to be done has a different timeline. However, those figures are only estimates. Each project will also take more or less time, depending on what kind of material you are planning to use. If you decide on a rare type of wood for the flooring, which may be difficult to source and lead to additional delays, should anything arise.
You will also need to take into consideration how much of the original structure you are planning to reuse. Although generally, it is best to remodel what is already there, in some cases, it is more time -effective to start from scratch.
The best policy is always to be conservative in your approach. Home renovation projects rarely, if ever, take as little time as one would hope. Make sure you have some flexibility in your timeline before starting a major renovation project.
Who will renovate the house?
Investors often play with the idea of completing some, if not most, of the renovation project themselves. However, unless you have a significant amount of resources and knowledge – if you are a contractor yourself, for example – the best policy is to hire someone. It will save you a significant amount of time and money in the long run.
The right contractor will make sure that the project is running smoothly and will keep you updated regarding the timeline of the renovations. Here are some factors to take into consideration when hiring a contractor:
- How big is the crew?
- Do they work alone or with subcontractors?
- How familiar are they with that kind of renovation? Do they have preferred vendors for some of the items needed in the renovation (cabinet, tiles, etc.)?
- How many projects are they working on at once?
- How often will they be on-site?
- Will the weather be a factor in that particular renovation project?