Questions I Am Often Asked

A “fix-up house” or “handyman’s special” is a basically sound, well-located, single-family house that is in need of improvements. Percentage-wise, once these budget houses are fixed-up, they often have a better appreciation value than expensive houses.

Because improvements are needed on the house, the investor is able to buy it below market price and immediately upgrade it for a quick resale, or for a long-term rental investment.

Here are a few guidelines to consider about such an investment plan:

Whether you do most of the fix-up work yourself or hire someone to do it, this kind of investment requires your daily attention.

Avoid houses that need major or costly work that does not add much market value. This includes a new roof, new foundation, plumbing, wiring, and termite or dry-rot repairs. If you are unable to evaluate such items, hire a professional.

When initially considering the house, there should be an opportunity to substantially increase market value with basic, inexpensive improvements, suc as painting, carpeting, floor sanding (where needed), tiling, landscaping and making minor structural repairs.

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Question: HOW DOES PURCHASING A HOME COMPARE WITH RENTING?

Answer: The two don't really compare at all. The one advantage of renting is being generally free of most maintenance responsibilities. But by renting, you lose the chance to build equity, take advantage of tax benefits, and protect yourself against rent increases. Also, you may not be free to decorate without permission and may be at the mercy of the landlord for housing.

Owning a home has many benefits. When you make a mortgage payment, you are building equity. And that's an investment. Owning a home also qualifies you for tax breaks that assist you in dealing with your new financial responsibilities- like insurance, real estate taxes, and upkeep- which can be substantial. But given the freedom, stability, and security of owning your own home, they are worth it.

Have questions? email Risa at questions@risa.net or call her at 1-800-699-4901

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March favorite links:

Click here for your special St Paticks Day greeting

This Kids Domain site has lots of links to fun places related to the celebration of St. Patrick's day including games, clip art, crafts, recipes, cards and more

Learn about the many spring bulb flowers. This site is from the an English Flower and Plant Association and has pictures of many of the bulb flowers that grow in the U.S. along with information about them.

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