5 Questions to Ask before Buying A Fixer Upper

By
Real Estate Broker/Owner with IL Real Estate Specialists
https://activerain.com/droplet/4XfS

 

Five Questions to ask before you Buy a Fixer Upper?

1. How Much Work is Involved? Will the home need minor repairs or major repairs.

 

2. How Much will it Cost? Typically minor repairs are under $30,000 while major repairs are over $30,000.

3. Who will be doing the Repairs? Are you handy or will you need a Contractor.

4. What is As Is Value and After Repair Value? As is Value refers to current condition and After Repair Value refers to improved value.

5. Is ARV less than, equal to or greater than Market Value? You should keep ARV less than or equal to Fair Market Value. If the ARV is greater than Fair Market Value then you should expect to live in the home for awhile.

 

 

 

 

 

 

 

 

 

Posted by

 

Jack Lewitz Broker Owner

http://www.ilrealestatespecialists.com

 Email Jack Today: jacklewitz@sbcglobal.net

 Call Jack Today ! Cell: 708-309-5334 Office: 847-674-6710

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Topic:
Home Buying
Location:
Illinois Cook County Evanston
Groups:
Realtors®
Midwest At Its Best
Illinois Real Estate
Advice for Buyers

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Rainmaker
2,726,343
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Jack Lewitz These are very good questions to ask before buying a fixer upper.

Nov 07, 2016 01:19 PM #1
Rainer
53,906
Jasmin Henderson
Sicklerville, NJ

Location is another important factor. 

- proximity to home and work 

- do you feel safe in that neighborhood at night? 

- is the property next to commercial property?

Jan 03, 2017 01:41 PM #2
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Rainmaker
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Jack Lewitz

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