Rentals in 60651>Question Details

Michael Patt…, Renter in Chicago, IL

Is it best to buy a fixer upper home ?

Asked by Michael Patterson, Chicago, IL Fri Sep 20, 2013

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Michael,

Each fixer up presents its own issues. If you are able to do the repairs yourself of course you will save a lot of money. But if you have to hire contractors you will have to look at the cost of similar sold properties in your area to determine how much you should spend on repairs.
0 votes Thank Flag Link Tue Sep 24, 2013
every situation is very different. Email me what you are considering buying and I will have a look
0 votes Thank Flag Link Sat Sep 21, 2013
If you don't mind construction in your home and dealing with contractors and living through it or doing it yourself, then a great option!!! Don't mind the dust :-)
0 votes Thank Flag Link Fri Sep 20, 2013
best? wha tdoes that mean, I am sure it is not best for you if your asking that question..I would steer clear of new but stay away from fixer based on your question.. do what your good at
0 votes Thank Flag Link Fri Sep 20, 2013
I have built houses before and the best potential for making money is buy the ugly duckling and watch it grow.
0 votes Thank Flag Link Fri Sep 20, 2013
Do You Have the Money?
If you pooled every last penny for that down payment, you’re not going to have much left over for home renovations, so you might be better off buying a house that’s livable as is. But if you have money set aside for repairs or you plan on taking out a loan, make sure you get an accurate estimate and then add another 20 percent on top of that. If you’re doing everything with borrowed money with no margin for error, think again. There will be extra expenses no matter how carefully you plan.
0 votes Thank Flag Link Fri Sep 20, 2013
You can get a great buy on a fixer upper but you will either need to know how to fix it, have money for supplies or have the money to pay someone to fix it. You do not want to buy one without this know how or funds.
0 votes Thank Flag Link Fri Sep 20, 2013
Thats up to you. Typically, its not the most peoples favorite because they dont want to deal with the work.
0 votes Thank Flag Link Fri Sep 20, 2013
Buy the home in the area on want to own in, live in, or be a landlord in.
0 votes Thank Flag Link Fri Sep 20, 2013
Only if you truly understand what needs to be done and have the resources to do it. Depending on the condition, you may want to look into the FHA 203K rehab loan.

Chris
0 votes Thank Flag Link Fri Sep 20, 2013
I wouldn't say it's the "best" approach. It's one approach. If the math works and you have the stomach to make all the repairs, it can be a good way to go. When you are looking at the numbers, be sure to factor in your time and the risk involved with purchasing these types of properties. The higher the risk, the higher your reward should be.

When you're ready to buy, the best place to start is to hire an Exclusive Buyer's Agent. EBAs represent home buyers only, and work to get you the best price and most favorable terms. You can go to NAEBA.org for a referral to an EBA in your area.

I'm an EBA and I wrote a book called "Buying a Home: Don't Let Them Make a Monkey Out of You". It will be the best $6 you've ever spent. Follow the link below.

Best of luck!
0 votes Thank Flag Link Fri Sep 20, 2013
Absolutely!
As Philip statted, your really need to know what you are doing AND have the resouces, knowledge and experience. Many, many, many citizens have purchased the ugly, stinky house, invested the $17,000 required and are happily living in their paradise. Others bought similar homes and found out they did not have access to the funding they needed. They are not as happy.
0 votes Thank Flag Link Fri Sep 20, 2013
Do you know how to fix it up? Can you hire other people and know what they are doing and have it done for a good price? Do you have the $$ to do it? If so maybe it is cheaper, but usually it is a huge hassle for most folks.
0 votes Thank Flag Link Fri Sep 20, 2013
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