Need Some Advice On A Deal In The Making
Here's the numbers. This is my first fixer and would like comments to make sure I'm not missing something or offering too much. Thanks in advance.
Offer Price: $190,000
Rehab Costs: $15,000
Selling Costs: 6%
Estimated selling price fixed up: $255,000
The estimated selling price is based on comparable sales in the area done by a realtor.
I'm considering adding square footage to increase the value of the property. I'd appreciate comments on what types of rooms to add. We were thinking of adding a sitting room to the master bedroom due to the floor plan. Or should we concentrate on the kitchen and master bath, etc?
Thanks again for comments.
Rich
One quick thought...
We considered adding a master bed/bath to our house, but most likely will not. Doing those repaire would put us on the top end of the neighborhood, and could make for a sluggish sale when we move on.
Check the comps, if there's something missing from your house that 3/4 of everyone else in the neighborhood has, look to that first.
~Matt
[addsig]
Since this is your first deal . Make eazy on yourself do the basics once you get more deals on your belt then you can think of adding on new rooms or whatever you feel will bring more to the sale of the house .