Whether you’re about to put your house on the market or responding to a list of repairs from a potential buyer, you should always-always-always get multiple estimates on repairs. You get what you pay for when it comes to repair work but some companies charge way more than they should while doing way less. And not every handy man with a tool box is qualified to make all repairs. Here are a few tips on getting the best value for your buck.
Owning rental property might be a good way to build wealth for retirement, but becoming a landlord may not be as easy as you think. With rental property ownership comes tons of responsibility. You’re the owner, landlord, and maintenance man, which means you’re the one who gets the call in the middle of the night when the toilet is overflowing. Before you invest in rental property, consider these tips.
Lots of people watch those house flipping shows on HGTV and think, “Hey, I can do that. How hard can it be?” HARDER THAN YOU THINK, CHIP!! Successful house flipping is not only hard, it can be expensive and risky. There’s no quicker way to lose every cent you have and find yourself neck deep in debt. So before you jump out there and buy some old house to flip, heed these words.
Lots of deals are torpedoed by inspections that reveal problems with the house. Buyers want everything fixed, no matter how minor. Sellers don’t want to spend a dime on a house they’re leaving behind. What’s the solution? I’m a big believer in heading off trouble before it begins.
Some people think inspectors appraise property and appraisers inspect property. Nothing could be further from the truth. Appraisers work for the buyer’s lender to come up with an appraised value of a property to make sure the lender isn’t lending more than the property is worth. Inspectors inspect properties looking for defects that the seller will ultimately have to pay for. Neither works on behalf of the seller, which is why so many deals go down the drain after a bad inspection or low appraisal.