How to Get Great Rehab Deals on Lake Michigan Real Estate for Sale
There are all types of Lake Michigan real estate for sale, and with proper investigation and planning an intelligent buyer can get a great deal on a house that may need a little (or a lot of) work.
If you don't have experience doing home repairs and various types of construction, you will want to enlist the help of a reputable and affordable general contractor who will be able to help you estimate the cost of repairs on Lake Michigan houses.
There are a couple ways to begin searching for rehab projects in cities along the shoreline. One is to look at real estate listings online and look for prices which are considerably lower than other listed prices in its area. Another way is to find an experienced real estate agent who is familiar with Lake Michigan real estate and let him/her know that you're interested in rehab bargains. Your agent will undoubtedly know of quite a few properties from the gate to get you started on your hunt.
Depending on your budget, you may want to shy away from properties with significant structural damage or faulty foundations. When you find a house that interests you and is within your price range waste no time getting an appraisal. Ask the appraiser questions as he/she is working to get more ideas on how to increase the value of your soon-to-be home. You're looking for rehab houses for sale on Lake Michigan to find a bargain, so you want to know exactly what you're working with. If you play your cards right you could walk away with automatic equity in your home, which would help fund repairs necessary to improve its value - which would result in even more equity or put you in a great position to resell.
Before you make an offer, make sure you have a good idea of what the cost of repairs and remodeling will be. Get an estimate from the contractor with whom you're working or - if you're doing the work yourself - make a detailed list of the supplies you will need and shop around. Be exhaustive in your research in order to avoid too many surprises in your budget. Don't forget to consider the cost of hired help, and make sure to get an insurance quote to find out about coverage for potential accidents of your workers. If you are working with a contractor you won't have to worry about this type of insurance, as their employees will already be covered.
Make sure to talk with your neighbors and check zoning laws before submitting an offer, as well. There may be certain types of agreements in place which would inhibit your construction plans. This information would be good to know ahead of time so you can move on to more Lake Michigan real estate for sale.