TO RE-HAB OR NOT TO RE-HAB...THAT IS THE QUESTION
Posted by V.K. [Mel] Melhado P.A. on Tuesday, October 21st, 2008 at 4:31pm.With the advent of the market drop over the past few years or so, fixing up homes to make a profit on is looking more and more interesting for some people. If you are the type person interested in putting in some ‘sweat equity’, the prospect of purchasing a fixer-upper might look very inviting, however, there are some thing that you might want to consider before diving in.
Usually the biggest profits are made on homes that need only minor cosmetic fixes as opposed to those that are in need of major repairs involving structual changes. There are many homes out there that have been neglected and yet with a few cosmetic fixes can look fantastic and will be very appealing when you go to sell it down the road. Notice how I said ‘down the road’ and that is because no one is suggesting that homes can be purchased, re-habed and flipped like they were in the old days.
We can certainly find good fixer-uppers in this market, but the key is that with the large amount of inventory, we had better be prepared to hold them for a few years at least before taking that profit!
V.K. [Mel] Melhado PA
Downing-Frye Realty, Inc.
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