Buying investment property in chicago is a great way to invest in different areas of real estate, but these discounted properties will often come with some repair issues. Before you can begin raking in profits there may be leaves to rake, if not major landscaping. Of course, this can apply to any low cost property, from short sales to those bought at auction.
Look beyond the additional repair costs to the features that will make a property sell for much more than others by knowing the local real estate market. The obvious costs of radon ventilation or lead paint removal may be warranted when a property is a corner lot close to areas schools for example. Costly lead paint removal or radon ventilation add to hassles as well as reducing profits. With practise it will be easy to spot the lower cost repairs like exterior painting which can greatly increase curb appeal.
One of the most important areas of concern when inspecting a potential investment property in chicago is the condition of its foundation. A casual inspection will often reveal the problems of foundation crumbling or cracking which is often due to shoddy construction or poor drainage. A good home inspection before you purchase can help uncover any potential problems with the foundation. Professional home inspectors know the hazards and are familiar with problems that recur frequently from one home to another.
After working in the same area for a number of years it will be easy to guess which homes will have plumbing or roofing damage but until then take the advice of others. A leaky faucet may only need a gasket but water shooting out from the cabinet under the sink is bound to be an issue! These issues can be minor or major depending on what's wrong, so this is also a reason to get your home inspected before buying. If you do opt to buy with these problems make sure you also get repair estimates!
More and more often of late the homes that are available for investing are rather new and have little more than painting needs in the way of repair. Neglected maintenance will result in damage though since a single leak in a roof can cause a wall or floor to need replacing. Still, the investor who keeps a steady pace of buying and rehab or repair will level off to a fairly predictable income level. Often a home ends up at auction as a quick way to settle an estate and frequently no one has taken the time to scrub carpets or wash windows both of which can be completed in a weekend before renting the home out on Monday morning!
Predictably, common repair problems recur in similar homes so learn to identify the flaws found in each type of investment property in chicago in different areas, ages and styles. You'll soon find which local businesses have the best discounts and availability of commonly needed items and which services to call first. Don't overlook the modest home with only minimal repairs needed for quick turn around and good investment potential.
Look beyond the additional repair costs to the features that will make a property sell for much more than others by knowing the local real estate market. The obvious costs of radon ventilation or lead paint removal may be warranted when a property is a corner lot close to areas schools for example. Costly lead paint removal or radon ventilation add to hassles as well as reducing profits. With practise it will be easy to spot the lower cost repairs like exterior painting which can greatly increase curb appeal.
One of the most important areas of concern when inspecting a potential investment property in chicago is the condition of its foundation. A casual inspection will often reveal the problems of foundation crumbling or cracking which is often due to shoddy construction or poor drainage. A good home inspection before you purchase can help uncover any potential problems with the foundation. Professional home inspectors know the hazards and are familiar with problems that recur frequently from one home to another.
After working in the same area for a number of years it will be easy to guess which homes will have plumbing or roofing damage but until then take the advice of others. A leaky faucet may only need a gasket but water shooting out from the cabinet under the sink is bound to be an issue! These issues can be minor or major depending on what's wrong, so this is also a reason to get your home inspected before buying. If you do opt to buy with these problems make sure you also get repair estimates!
More and more often of late the homes that are available for investing are rather new and have little more than painting needs in the way of repair. Neglected maintenance will result in damage though since a single leak in a roof can cause a wall or floor to need replacing. Still, the investor who keeps a steady pace of buying and rehab or repair will level off to a fairly predictable income level. Often a home ends up at auction as a quick way to settle an estate and frequently no one has taken the time to scrub carpets or wash windows both of which can be completed in a weekend before renting the home out on Monday morning!
Predictably, common repair problems recur in similar homes so learn to identify the flaws found in each type of investment property in chicago in different areas, ages and styles. You'll soon find which local businesses have the best discounts and availability of commonly needed items and which services to call first. Don't overlook the modest home with only minimal repairs needed for quick turn around and good investment potential.
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