Looking for a Fixer-Upper in Chicago? It’s not what you see on HGTV! Learn what you need to know to avoid costly mistakes.
Today we’ve got 4 Things to Consider When Buying a Fixer-Upper
#1 Location is always important. Improvements can be made, but you can’t improve a location. You want a commutable area with good access to conveniences.
#2 It’s ok to buy a dog, but make sure it has good bones. An opportunity to build equity is good but start with a solid structure. Do an inspection with a well-qualified home inspector.
#3 Start small. Estimate how much time you think it will take and add 20%. There are lots of decisions to be made and things that will be outside of your control like contractor schedules and supply chain delays. keep it manageable. It’s also SUPER important to know what the market will bear. Don’t over-improve the property. Set a budget and stick to it!
#4 Beware of CASH ONLY properties. There are a variety of reasons for listing a home that way, but it can mean that the home in its current condition is not financeable. Conventional loans require homeowner’s insurance. CASH ONLY could be a red flag. Talk with your Realtor so you fully understand the terms before writing an offer.
If you’d like to build equity and want help buying a property in Chicago, a Fixer-Upper could be the best option for you. I’m here to help. I’ve got great resources and experience.