Example: House is worth $200,000 all fixed up, needs $30K in repairs. (if done by your contractor)
"Handyman" is willing to pay $175,000 because handyman thinks it will cost only $10,000 to repair (handyman is just considering his costs of materials and is satisfied with gaining $15,000 in "sweat equity"
Some times, it is wise to take care of lender required items such as termite elimination, health and safety items, and leave the cosmetics and "redecoration" to the handyman buyer. there are many buyers who desire a discount for taking a "cosmetic fixer"
Talk to some local Wilmette agents who have sold fixers for market opinions specific to that town.
Delayed maintenance on any property will affect the value of the property. Depending on the actual repairs, they may get you closer to neighborhood market value. Many times this depends on whether or not quality repairs have been made. Upgrades do not alway bring back the money. It will depend on your local market.
A local Realtor can help in estimating what is worth fixing and what is not. You can also view open houses in the area to compare and see what upgrades are expected for your area.
Generally speaking, it is good to make a property presentable: freshly painted, floors looking attractive, uncluttered and clean. Beyond these basics it is a case by case analysis. It is a rare homeowner that can do major renovation work and immediately make a positive return on it--only a professional rehabber can pull that off. Guides that document cost versus return consistently confirm this. Nevertheless it might make sense to do some minor rehab work, but you need to have a good Realtor analyze the home to get more specific than that. firstname.lastname@example.org
I can't tell by the way you've worded your question whether you are the owner or an interested investor.
Either way, the first thing you need to do is look at the comps in the building. With 56 units total, you should be able to get a clear idea.
First take a look at the ones that have been upgpraded to today's standards. What types of finishes were used? You don't want to over-improve, but you also want to stand out.
Then look at ones comparable to the one you are considering -- what have they been able to sell for "as is"?
Consider the difference, and know your margin. Are you looking for profit, or do you just want to move it at top dollar?
Also remember that that $30,000 is not likely to be returned to you at 100% dollar for dollar, especially if this is something you plan to fix and flip (again, don't know if you're the owner or interested buyer).
Things to consider, in addition to the excellent thoughts that have already been shared.
Other factors may come into play as well - your location is HIGHLY desirable. Does your unit have a lake view? Other extenuating factors will impact the decision. If you have a unit with a highly sought after view, the condition of the unit may be secondary.
If you choose not to go the route of updating, be sure to price it according. In addition, to effectively market the property, be sure the comments accurate reflect its condition - target buyers looking to do work.
Best of luck!
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