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Laneta Goings

Professional and Personal Qualifications

  • Relocation Specialist
  • Member Toledo Board of Realtors
  • Ohio Board of Realtors
  • National Association of Realtors
  • University of Toledo, B.A.
  • Toledo Zoological Society, Board of Directors
  • Advocates for Justice/Victims’ Forum, Board of Directors
  • Past President, YWCA Board of Directors
  • Unites States Selective Service System, Board Member
  • The Toledo Chapter of the Links, Inc.
  • Member, Third Baptist Church

 

Welles Bowen
1677 Lance Pointe Rd.
Maumee, OH 43537
Office: 419-891-0888
Cell: 419-467-9302
Fax: 419 891-1092
lanetagoings@wellesbowen.com
Go to my website

Buying, selling or investing. I am at your service. You CAN expect success!

Serving Toledo, Sylvania, Ottawa Hills, Holland, Perrysburg, Monclova, Maumee. Trust is very important to me. My buyers and sellers deserve fast, efficient, professional service. A Real Estate transaction is a large investment and my clients know that they can depend on my experience, knowledge and integrity. Customer satisfaction is the key to building long term business relationships. Through my knowledge, as a life long resident of this community, I take pride in providing the best service possible. I know the power of giving and am committed to provide support by serving as a volunteer.

http://wellesbowen.com/3068/

How to Assess the Real Cost of a Fixer-Upper House

Shad Helle

Shad Helle, Realtor
4728 Navarre
Oregon, OH 43616
Office: 419-698-5370
Cell: 419-973-0579
Fax: 419 754-1408
shadhelle@wellesbowen.com

Featured Agent Shad Helle Found this Article for You – How to Assess the Real Cost of a Fixer-Upper House

By: G. M. Filisko

When you buy a fixer-upper house, you can save a ton of money, or get yourself in a financial fix.

Trying to decide whether to buy a fixer-upper house? Follow these seven steps, and you’ll know how much you can afford, how much to offer, and whether a fixer-upper house is right for you.

1. Decide what you can do yourself.

TV remodeling shows make home improvement work look like a snap. In the real world, attempting a difficult remodeling job that you don’t know how to do will take longer than you think and can lead to less-than-professional results that won’t increase the value of your fixer-upper house.

Do you really have the skills to do it? Some tasks, like stripping wallpaper and painting, are relatively easy. Others, like electrical work, can be dangerous when done by amateurs.
Do you really have the time and desire to do it? Can you take time off work to renovate your fixer-upper house? If not, will you be stressed out by living in a work zone for months while you complete projects on the weekends?
2. Price the cost of repairs and remodeling before you make an offer.

Get your contractor into the house to do a walk-through, so he can give you a written cost estimate on the tasks he’s going to do.
If you’re doing the work yourself, price the supplies.
Either way, tack on 10% to 20% to cover unforeseen problems that often arise with a fixer-upper house.
3. Check permit costs.

Ask local officials if the work you’re going to do requires a permit and how much that permit costs. Doing work without a permit may save money, but it’ll cause problems when you resell your home.
Decide if you want to get the permits yourself or have the contractor arrange for them. Getting permits can be time-consuming and frustrating. Inspectors may force you to do additional work, or change the way you want to do a project, before they give you the permit.
Factor the time and aggravation of permits into your plans.
4. Doublecheck pricing on structural work.

If your fixer-upper home needs major structural work, hire a structural engineer for $500 to $700 to inspect the home before you put in an offer so you can be confident you’ve uncovered and conservatively budgeted for the full extent of the problems.

Get written estimates for repairs before you commit to buying a home with structural issues.

Don’t purchase a home that needs major structural work unless:

You’re getting it at a steep discount
You’re sure you’ve uncovered the extent of the problem
You know the problem can be fixed
You have a binding written estimate for the repairs
5. Check the cost of financing.

Be sure you have enough money for a downpayment, closing costs, and repairs without draining your savings.

If you’re planning to fund the repairs with a home equity or home improvement loan:

Get yourself pre-approved for both loans before you make an offer.
Make the deal contingent on getting both the purchase money loan and the renovation money loan, so you’re not forced to close the sale when you have no loan to fix the house.
Consider the Federal Housing Administration’s Section 203(k) program, which is designed to help home owners who are purchasing or refinancing a home that needs rehabilitation. The program wraps the purchase/refinance and rehabilitation costs into a single mortgage. To qualify for the loan, the total value of the property must fall within the FHA mortgage limit for your area, as with other FHA loans. A streamlined 203(k) program provides an additional amount for rehabilitation, up to $35,000, on top of an existing mortgage. It’s a simpler process than obtaining the standard 203(k).
6. Calculate your fair purchase offer.

Take the fair market value of the property (what it would be worth if it were in good condition and remodeled to current tastes) and subtract the upgrade and repair costs.

For example: Your target fixer-upper house has a 1960s kitchen, metallic wallpaper, shag carpet, and high levels of radon in the basement.

Your comparison house, in the same subdivision, sold last month for $200,000. That house had a newer kitchen, no wallpaper, was recently recarpeted, and has a radon mitigation system in its basement.

The cost to remodel the kitchen, remove the wallpaper, carpet the house, and put in a radon mitigation system is $40,000. Your bid for the house should be $160,000.

Ask your real estate agent if it’s a good idea to share your cost estimates with the sellers, to prove your offer is fair.

7. Include inspection contingencies in your offer.

Don’t rely on your friends or your contractor to eyeball your fixer-upper house. Hire pros to do common inspections like:

Home inspection. This is key in a fixer-upper assessment. The home inspector will uncover hidden issues in need of replacement or repair. You may know you want to replace those 1970s kitchen cabinets, but the home inspector has a meter that will detect the water leak behind them.
Radon, mold, lead-based paint
Septic and well
Pest
Most home inspection contingencies let you go back to the sellers and ask them to do the repairs, or give you cash at closing to pay for the repairs. The seller can also opt to simply back out of the deal, as can you, if the inspection turns up something you don’t want to deal with.

If that happens, this isn’t the right fixer-upper house for you. Go back to the top of this list and start again.

Jonnie Wagner Featured Agent

Jonnie Wagner

Welles Bowen
131 E Airport Hwy.
Swanton, Ohio 43558
Office: 419-825-2299
Cell: 419-260-7653
Fax: 419-825-2209
jonniewagner@wellesbowen.com
Go to my website

Professional and Personal Qualifications

  • Life Member Of the President’s Sale Club
  • Over 20 years of sales experience
  • Representing Buyers and Sellers
  • Complimentary Consultations & Market Analysis
  • Top Producer
  • Using the latest in technology to serve you best
  • Member of the Toledo Board of Realtors®
  • Member of the Ohio Association of Realtors®
  • Member of the National Association of Realtors®

Featured Agent Deon Davis

Professional and Personal Qualifications

  • Toledo Board of Realtors
  • Ohio Association of Realtors
  • National Association of Realtors
  • Member of The Leading Real Estate Companies of the World™
  • Licensed to Serve You in Toledo, Rossford, Northwood, Oregon, and All Surrounding Areas

My Pledge To You….

I will act on your behalf to see that you get the best price and terms on your Real Estate transaction. I will maintain constant contact with you so that you are well informed throughout the transaction. I promise you excellent service with a written guarantee! When Buying or Selling, I will work hard to provide the highest customer satisfaction.

DEON DAVIS

Welles Bowen
2460 N. Reynolds Rd.
Toledo, OH 43615
Office: 419-535-0011
Cell: 419-810-1560
Fax: 419 535-7571
deondavis@wellesbowen.com
Go to my website

ABOUT WELLES BOWEN REALTORS For over 100 years, Welles Bowen Realtors has been consistent in its ability to recruit and retain many of Toledo and NW Ohio’s top agents. While much of our agents’ success can be attributed to individual initiative, an equally large measure is due to the strength and support Welles Bowen provides. From educational opportunities to the latest in marketing technology, ...
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The IDX Data on this site was last updated on Feb 22 2015 6:00AM Eastern Standard Time. All Information is deemed reliable but not guaranteed. The data is updated on a daily basis. Some properties which appear for sale on this website may subsequently have sold and may no longer be available. For the most current information, contact Welles Bowen Realtors at 1-800-533-7692 or email us at mail@wellesbowen.com. The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity Program of the NORIS MLS. Real estate listings held by brokerage firms other than Welles Bowen Realtors are marked with the Broker Reciprocity logo and detailed information about them includes the name of the listing brokers. © Copyright 2015 NORIS. All rights reserved. Broker Reciprocity information is provided exclusively for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

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