ldillen28, Home Buyer in Los Angeles, CA

how much $ would you put into a house for renovations in Koreatown?

Asked by ldillen28, Los Angeles, CA Wed Nov 21, 2012

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8
Korea Town is a sought-after area but it's impossible to know how much to spend on renovations without knowing what's needed and whether or not you plan to hold on to the property after fixing it up or to sell it. If you'll contact me with more information, I'd be happy to tell you what I think. I hope this helps.

Marty Walker
eXp Realty
323.559.5823
marty.walker@exprealty.com
1 vote Thank Flag Link Wed Nov 21, 2012
Bring your address up on one of the online sites, trulia, redfin, zillow. Than look at the sold properties the same size or close to your sf and lot size that sold in the last 3 months. Click through the pictures to see if the houses were updated or remodeled and what they sold for. Example would be let's say you saw a house same size as your and was remodeled and sold for $400k (arbitrary figure) and you bought your house for $375k. You can remodel it for $25k and look at the future years of appreciation recovering your investment.
0 votes Thank Flag Link Fri Nov 30, 2012
The house is on Kingsley Dr between Beverly and 3rd st. There is 30 years of "deferred maintenance"
It basically needs paint, flooring, hvac. Contemplating whether to put 50K or 100K in to it. it's owned outright and would be put on the market. I guess my real question is who are the buyers and what do the buyers in that specific neighborhood want. Is it pergo or real hardwood, is it maytag or viking?
thanks
0 votes Thank Flag Link Wed Nov 28, 2012
That depends on many factors...what amount did you purchase the property for? How much work does it need? What would the resale value be after you do the renovations and will the price substantiate the current market value? Are you going to live there or flip/sell it once the renovations are complete?

Answer these questions and you will get your answer.

Good luck!

Kat
0 votes Thank Flag Link Sat Nov 24, 2012
It depends on many factors. I could evaluate and advise with an address and your plans. You may consider a 203k loan if your speaking of owner occupied?

http://www.under640ficoscoreloans.com/Pages/203K.aspx

http://www.under640ficoscoreloans.com/Pages/ContactSheryl.aspx
Sheryl Arndt, Real Estate Broker – Sr. Loan Officer CA only
REO & Short Sale Specialist
20+ Years Experience
DRE# 01140252
NMLS# 297251
760-486-4225
0 votes Thank Flag Link Wed Nov 21, 2012
It depends on many factors.
Are you an owner who is going to stay or are you an investor?
How much did you pay for the house or have you lived in it a long time?
What are specific house values in your area for comparable homes when you are done renovating?
0 votes Thank Flag Link Wed Nov 21, 2012
Korea Town is going through a revival right now and has new developments coming in often. It depends upon the location and the house itself.
0 votes Thank Flag Link Wed Nov 21, 2012
Depends on the House, the neighborhood, etc.
You do not want to IMPROVE the house beyond the neighborhood; having a palace among shacks will not do.

The most important factor right now, is that most buyers do not have excess cash once they Close on thier house; they are looking for a turn-key that matches their taste.
The common thins are hardwood floors, remodeled kitchen with Stainless and Granite, Crown mouldings with Neutral walls and updated baths.
0 votes Thank Flag Link Wed Nov 21, 2012
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