Need Some Serious And Realistic Remodel Help?
Ok-my DH and I are looking at a forclosure home that needs some TLC. In the month we have been looking at it the price has dropped $40K. It is now low enough to put payments under $700/month and still leave money enough from savings for us to remodel to the tune of $15000. Here is the rub-it needs central heat and air (about $4000), appliances, carpet, kitchen and bath flooring, paint, and the kitchen counters/cabinets are ugly. Now most of this looks to be painting and cosmetic stuff. And I think that I can manage a repaint on the counters and the cabinets for now (save money on that). But that will leave carpet and paint. This place will be going for at least $80,000 under value if not a lot more. I think that this is getting into the range of we can’t afford not to buy it cause we will kick ourselves if we don’t. What should we expect for remodel work if we keep it simple-this will be the first redo since it was built in 1973. Is it really to good to pass on? Well kept otherwise.
First I am a realtor, and second I am an investor. I’d be very careful. It’s hard for me to believe such a good deal is just sitting there. In my market, you have hundreds of investors bidding on properties that come on the market at 30% below market value, they do not sit on the market, especially if it’s a buyers market in your area. The homes that do sit on the market under valued, are not worth the headaches they are going to cause. Please be sure to spend a load of money getting all the inspections you can imagine, so you can be sure you are not buying a lemon with hidden problems that could ruin your life.