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.