For most homeowners, the pride of ownership includes a consistent home improvement effort. While this makes sense, be careful you dont improve the property so much that you cant recover the costs when it is sold.
Home Improvement
Youve picked up a heck of a deal on a home in a nice neighborhood. The purchase price was $200,000 and you put twenty five percent down [$50,000]. The comparable homes, comps, in the neighborhood appraised for $300,000. Yes, your home is a bit run down, but thats why they have Home Depot and weekends! Youll just fix the ugly ducking up and pocket a quick $100,000 in equity when all your projects are done. What a country!
This situation definitely has potential. The value of the home is so low when compared to the comps that a relatively quick equity grab certainly looks possible if the home can be fixed up. Off to Home Depot we go
Lets do an evaluation of our ugly ducking. Put another way, what needs to be done to get it on par with the other ducks in the neighborhood? Okay, we need new doors, new windows and landscaping in a very big way. The drive way looks like a toxic dump sat on it and we arent even going to get into...
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