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Whether your planning to sell your home or just looking to modernize your space, the question to ask is if you are ready to take on a home remodeling project.
When a buyer hears that a home "needs some work", it might be more work than they can handle. Others are willing to do the work.
This can lead to a big payback in the future. Buying a fixer-upper is not in every buyer's best interest. If you are considering buying a Chicago home that requires some remodeling, consider the following before deciding to buy:
When you view a home, bring a friend along that has some architecture or engineering know how. Not all buyers hire an inspector before they agree on a price with the seller. In regards to a home that you are considering remodeling, it might be worth it to hire the inspector before you start to negotiate the price. Another good idea is to survey the surrounding area. If other homes are well kept, or the area is poised for revitalization, you have a better chance of getting a bigger return in the future.
After you've decided what improvements and repairs the property needs, obtain estimates from various contractors. Factor in this amount into the cost of renovating this Chicago home. Compare this figure to the asking price of similar homes in the area. If the cost of the house, with repairs, is lower than the asking price of the other houses in the area, you've got yourself a good buy. Get an instant home value on your home.
Will the renovations be complete in weeks or months? Minor repairs like new counter tops, fresh paint, or new carpeting is much different than having to re-drywall the entire house. Learn the extent of the renovations before you jump right in. Are you willing to wait months for the repairs to be completed? Are you planning on living in the house during this time?
If you don't have enough saved up to cover the cost of renovations, there are some loan options available. Do the math. Don't commit to a project until you know you can afford it. Unless, of course, you like living in a home that's half gutted.
If the home requires major repairs, make sure you can handle it. You might be able to do the minor repairs yourself, but if you mess up on a major project, it could cost you a lot more time and money that you planned on originally. If you don't think you can complete a project, hire a professional to do the work. Factor the cost of professionals into your estimate of the home's price.
Buying a fixer-upper can be a gamble. You could save yourself some money buying this kind of home, but there is also the potential that you will spend way more than you expected.
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