Create Equity and Wealth
Challenging markets are when you seek ugly ducks in great neighborhoods. Renovate and create your equity and increase wealth.
Houses that have been on the market longer were overpriced and not as desirable. The location can be and at some point the seller will take reasonable offers or just remove the listing. These are the deals to seek out and create. Place an offer and see what happens.
This home was flood damaged and the sellers want out. Remodeling this home regardless how cheap is not worth it because it can flood again. But you can raise the home for about $170,000 and create a sustainable environment and equity.
When you are looking to add money to improve a home you need to be able to sell the finished product for 2x+ or higher what your total costs are. We usually operate with 3x+ but we are also doing our own work.
Purchase is where you make the most gains. Know the market and what land costs are (reasonable costs). This helps you decide what your max purchase price will be. Know your improvement cost, this house at $300,000 and $170,000 in improvements = $470,000 total cost. The finished home elevated above FEMA floodplain will have lower insurance premiums saving a buyer $10,000+ every year. This home would sell easily finished at $940,000 in this neighborhood.
You created $470,000 in equity today. Many people will tell you that this is impossible, but it is possible. We do it and you can to.
Spend money on sustainable remodeling. Elevating the home stops water damage from future flooding, it lowers your insurance rates by $10,000+ per year, the best thing is you just significantly increased your equity and wealth.
Contact Iridium Development and we can help you with raising your home.
Florida License #CGC1534948