Are you planning a move to a state known for its sunny forecast, white-sand beaches, and bustling culture? Or are you getting into the real estate business and want to dip your toes in the water – literally and figuratively – by buying a flipper home in Florida?

There are pros and cons to purchasing a fixer-upper, and rehabbing means paying homage to the building’s historic qualities in addition to making it livable. Is rehabbing a Florida home the right move for you? Dive in and find out.

What Is Rehabbing?

First, you should know the difference between rehabbing and renovating a house. Both terms mean updating a house to make it habitable, but the former involves sticking to the house’s original design as closely as possible.

For example, if the house had oak floors and clawfoot bathtubs before it faced the ravages of time, you’ll want to install new versions of these same features or even repair the old ones. If you were simply renovating the house, you’d have more creative freedom to modernize it or completely change the original features.

Rehabbing is especially important if you buy an officially listed historic house. There are often regulations governing what you can and can’t do to these types of homes.

What Should You Know About Rehabbing?

In contrast to a fixer-upper – which needs minor repairs but could still house a person comfortably – a rehab home needs a lot of work, like a new foundation, walls, or electrical system. It’s not move-in ready.

However, this also gives you a chance to customize the house, lending it a modern twist while preserving its historic feel. Some features you might want to implement include new appliances, updated plumbing, or different landscaping around the building.

You might be wondering: What are the pros and cons of rehabbing a house in Florida? Here are some things to consider.

The Downsides of Rehabbing a Florida Home

Although rehabbing a house can be fun and potentially lucrative, there are some drawbacks, including:

1. The State Is Infamous for Its Hurricanes

Tropical storms bring high winds and flooding that can damage homes. Insurers might require you to purchase extra insurance to cover weather-related damage.

2. You May Need Permits

In Florida, you have to be certified by the Florida Construction Industry Licensing Board to do any remodeling or structural work on a house. You also need a license to do plumbing and electrical work.

If you don’t have the time or expertise to get these certifications, you’ll need to hire someone to do the work for you.

3. It Can Be Expensive

Factoring in the cost of hiring contractors, real estate agents, electricians, and plumbers, rehabbing a home usually isn’t cheap. You’ll also need to budget for materials, transportation, hauling away construction debris, and the price of the house itself.

4. Rehabbing Takes a While

The very nature of rehabbing means buying a house in need of serious repairs, so plan for a long process. You’ll probably encounter things like needing to replace most or all of the plumbing to get it up to code, contractors calling in sick or running into delays, bad weather, or unexpected red tape.

5. It’s Harder to Get Financing

It’s risky for banks to mortgage a home that needs a lot of work, so some of them won’t do it. You’ll also have to figure out how to finance the repairs, and your lender might not let you do the renovations yourself.

The Benefits of Rehabbing a Florida Home

Florida is a popular place to live, so if you manage to buy a house there, it probably won’t be hard to sell. Plus, if you decide to move in, you’ll have a home in one of the most beautiful and sought-after vacation destinations in the world. Here are the reasons many people get into the rehabbing business:

1. An Old Home Can Be Charming

The Dutch doors, coffered ceilings, and mosaic tile flooring give an old house a unique sense of character. You probably won’t find another home like it on the market. As you pull up the floorboards, you’ll uncover layers of history that give you insight into all the lives that were lived in the house.

2. You Can Customize It

Rehabbing a home implies that you’ll be preserving its historical features, but you can still add a modern twist. Maybe you’d like to change the paint colors, swap the glass doorknobs for copper, or update the lights with smart bulbs that change brightness depending on the time of day. It’s all yours to design however you want.

3. The Market Could Be Less Competitive

Most buyers want a turnkey house that’s move-in ready. If you’re in the fortunate position of having the time and money to do extensive renovations, you might not have many competitors vying for the same property.

4. You Can Sell the House or Move In

When you’re finished, you can flip the house for an immediate profit or rent it out to get a return on your investment for years to come. You could even offer it purely as a vacation home, spending your winters as a snowbird in the Sunshine State while renting it out the rest of the year.

Or, if you really fall in love with the house and the culture of Florida, it could become your full-time home.

5. It’s Rewarding

No one said it would be easy, but when you compare the before and after photos of the property, you’ll be satisfied knowing that you helped turn an uninhabitable house back into a home. Plus, you might earn a nice profit to help you fund your next renovation project.

Rehabbing a Florida Home

The real estate market in Florida is as hot as the state’s summer weather. Although it’s a massive undertaking, breathing life back into an old home is a rewarding process, and it could be a lucrative business venture.