If you’re interested in buying a multi-family home in Chicago, a fixer-upper is an ideal investment. A fixer-upper is a home that needs repairs and will require renovation work.
There are many reasons to buy a fixer-upper in Chicago. If you’re picky about interior design or want a property in a specific neighborhood, buying a home and renovating it allows for flexibility. It is also an excellent way to build equity. Many buyers will only buy a property that is finished, so it’s possible to find hidden gems if you’re willing to put in the work.
Some homes may only need minor repairs, while others will be a full rehabilitation project. It’s important to have the right real estate agent, contractors, and inspectors on your team to help analyze and complete the project effectively. The key to buying a fixer-upper is choosing the right property, working with the right people, and understanding the necessary repairs.
Buying a fixer-upper in Chicago is a smart business decision and a great way to find a long-term home for your family. If you’re looking to purchase a multi-family home and are comfortable with the renovation process, take a look at our home repair costs chart to get an idea of the costs involved.