A Investment Property In Chicago Of The Same Style Needs The Same Repairs

After buying and selling a investment property in Chicago many times the investor will probably be able to read an address in the paper and know off the cuff how much profit likely to be made within reasonable parameters on a certain home. Certain common problems exist regionally like radon or poor drainage or with certain construction dates like asbestos insulation or aluminum siding. These problems are not limited to low end properties or those purchased through auction or short sales but at low resale prices these repairs limit profit.

Beautiful older homes have marvelous features but they also have certain predictable problems For instance, the older your home is the more likely it is to have lead pipes, lead based paint or even radon gases. Needless to say it would be better to avoid costly repairs and a thorough home inspection is one of the best uses of rehab money. Do some reading and researching and when needed get a contractor for the trickier issues like contaminants in soil.

When you buy a investment property in Chicago you’ll also want to be on the look out for foundation problems. A cracked foundation ruins the structure of your home, causes leaning and even causes water damage from leaks. A good home inspection before you purchase can help uncover any potential problems with the foundation.
A professional home inspection can steer you in the right direction but only good accurate repair cost estimates will do before buying these properties.

Plumbing and roofing damage is also common in these homes. Plumbing problems may be the easiest to identify at least when a house is still lived in because water will be present where it doesn’t belong and drains will be stopped up. Some plumbing issues are simple enough to handle without training while others are major headaches like when an old tree’s roots have tapped into the water lines in the yard the latter may only be obvious to the eyes of an experienced home inspector. Know your own limits and be prepared to call in an expert for areas that you always find baffling like roofing or furnaces.

All too often the damage is extensive in areas in which the economy has left people first without funds for upkeep and later without enough to pay the mortgage. Neglected maintenance will result in damage though since a single leak in a roof can cause a wall or floor to need replacing. Mowing and painting or papering will be rigorous enough and will yield pretty good returns. Most repairs will be easy for the professional inspector to point out and an cost estimate can then be placed in a prospective budget so that a purchase price may be determined.

Typically though there are predictable necessary repairs to almost every investment property in Chicago so it’s best to become familiar with standard costs. There’s no exaggerating the benefit of a profession home inspection to keep from getting bogged down in time consuming and difficult repairs.
This investment field like all others will become routine in time but slow and steady is a good beginner’s approach.

To Learn more…http://investmentpropertychicago.com/

Last updated: 07.25.2010 08:23 AM

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