This entry was posted on Wednesday, August 22nd, 2007 at 10:56 am and is filed under Investment, Home Buying, Buy and Sell for Less. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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August 22, 2007
Look for a Reasonable Fixer Upper.
Keep in mind there is a fine line between reasonable and an out of your league project. Look for a home that just needs some paint and flooring, nothing too big, and preferably just cosmetic repairs. Almost anyone can handle those. Bigger projects like roofs and add-ons can quickly spiral out of control cost wise.
If you have cash, and can pull off the repairs without putting yourself into debt, you can usually fix a home up very nicely and make a fair gain for your work and time.
An example of this would be two homes in a fast improving neighborhood. One of them, in excellent condition, sells for $250,000. Knowing this you see a home of similar size, close by, that is listed for $199,000. Assuming the home is structurally sound, much can be done to improve the appearance of the home with some simple sweat. $10,000 of paint and cosmetic repairs could reasonably see your house selling for $250,000 when all is said and done.
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