First and foremost you need to know the approximate price the home is worth after it is rehabbed. This goes for if you making it your home or investment Then you need to get a contractor to give you a good Idea of what the rehab will approximately cost. Then you will know what you can pay for a fixer upper with the rehab and approximate value of the home.
For example I looked at a home that was worth $350,000-$400,000 that a couple had purchased for $200,000 a few years back. They ask me what it would cost to buy another home that was bigger and had some amenities more on the modern side. Homes in that and surrounding areas were $500,000-$600,000 and did not reflect their taste. I brought in a contractor and a architect to see how much it would cost to put addition onto the home to add the amenities that they wanted in their home. They already live in an excellent area.
After we did the prints and got a quote from the contractor, the home they were living in was the best choice. I would make far more commission selling their home and helping them purchase another home, but that is not my goal, happy clients are. Doing the rehab will save this couple almost $150,000-$200,000 dollars and help them secure a valuable asset they can sale when they are ready. Staying were they currently live was their best option. t
Need a Realtor that can get your all the services you need to have when looking a fixer uppers? Need to have a team of professionals that understand your needs and will assist you with them?
My clients get the benefit of knowing what it will cost to rehab their home or fixer upper they are looking to buy. I have personally have done my own homes and clients for 17 years and counting. Call Brett 216-703-5740 Century 21 Premiere and 602-363-6551 West USA Realty