Prior to purchasing Carol, I had my home inspector take a look at the home. I did not have him prepare a written report because with most distressed property sales, it is sold “as is”. The bank was not going to reduce the price if I came back and said, the roof is leaking I want a $10,000 credit. So I saved money since he did not have to provide me a written report and his insight was most useful. It provided me what needed to be done from a home inspector’s eyes. Because when I sell it, you know the buyers are going to have a home inspection and this helps prepare the home for sale.
In addition, on the major renovation projects like replacing the windows, appliances, etc., I did have quotes from contractors before I submitted my offer to the bank. So with the home inspection completed and my major renovation tasks budgeted, it was now time to prepare my budget and my offer.
Entry foyer before renovation
I prepared my budget by room. For example the living room:
· New hardwood flooring with base/trim $600
· Replace window $400
· Paint $50
This helped me in not forgetting things but it proved unwieldy when allocating costs. For example the paint I purchased all at once so to say I used $50 in the living room was hard. Next time I will just have a paint budget and assign all my paint costs to that one category. Also, by using standard measures like square footage, you gain useful information for your next flip.
As with most budgets, expenses are always higher than anticipated. I included a 15% miscellaneous factor to cover the unseens. And I did have some like when I removed the wallpaper, the paper backing on the wall board came off, resulting in me having to drywall the entire walls in some rooms. I was not anticipating this however my “miscellaneous” account was able to absorb this without taking me over budget.
Downstairs bathroom before renovation
In summary, the tighter you can get your major expenses, the better you will be since many unforeseen items will pop up.
About Russ
Whether you are buying or selling your home, my goal is to get you the best price, in the shortest amount of time, and with the least inconvenience for you.
* Superior customer service is having your phone calls returned promptly, keeping you informed on what is happening with your home, and being on time for appointments.
My clients say it so much better than I: “Your referral of the home inspector was appreciated as well. Most of all you had time for us. You returned phone calls promptly and kept your appointments with us as well.” Jeff and Rafia R., Naperville
* I am recognized as a “Certified Real Estate Negotiator” in addition to my years as a CPA ensuring you get the best price possible.
For buyers, I am very knowledgeable about all types of financing and mortgages; from the conventional to the exotic making loan qualification easier for you. And I offer buyers Exclusive Preview, giving you a heads up on homes before they get posted on the MLS. Working knowledge of foreclosures and short sales as well.
For sellers, my Award Winning 14 point Marketing Plan BLOWS away my competition! I offer proven marketing strategies to get you the results you are looking for in today’s challenging market. Plus, the absolute best Internet presence you will find anywhere.
In addition, you will benefit greatly from my exclusive Salability Checklist which focuses our attention like a laser on what we need to do to get your home sold.
My professional staging and inventory knowledge assist both my buyer and seller clients by saving them time and money.
Investors appreciate having a professional Realtor that understands financing, taxes and how to get your deal closed.
Lastly, as a past member of the Illinois CPA Society, I know the value of ethics.
I am a full time professional Realtor serving real estate buyers ,sellers and investors in the Fox Valley and western suburbs including Naperville, Aurora, Plainfield, Bolingbrook, Lisle, Woodridge, Oswego, St. Charles, Geneva and others.
