Home Buying in Woonsocket>Question Details

Lor, Home Buyer in Woonsocket, RI

is it wise to purchase home on annette avenue in woonsocket ri for 475000 when it needs complete updating?

Asked by Lor, Woonsocket, RI Thu Jul 22, 2010

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Matt Heisler’s answer
Hello-

It all depends on what its future value could be. Let's take two examples.
First Example: House Price: 300K. Work Needed: 150K. Top value for home: $400K.
Second Example: House price: 400K. Work Needed: 200K. Top value for home: $700K.

Only one of these homes makes sense to purchase financially. But to figure out where your home fits, you need some help. Find someone who can "fill in" the "work needed cost" and the "top value for the home" boxes, and you'll be able to make a sound decision. A knowledgeable Realtor should be able to do this easily.

Matt
0 votes Thank Flag Link Fri Jul 23, 2010
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