10k??? Sounds cheap. Double that here. My parents home was 60 years old cluttered with junk. Took 2 years to empty and do some improvements. Good luck.
“10k??? Sounds cheap. Double that here.”
I don’t know where “here” is. This is DuPage County in Illinois. It’s even worse up in Lake and northwestern Cook County. In Lake property taxes exceed principal and interest costs in a lot of cases. Homes that sold for 3,000,000 10 years ago are fetching half that now.
And almost all of it goes to pay pensions for public sector workers. A lot of villages are teetering right on the edge of Chapter 9. Crains Chicago Business has done several articles on it.
Small to midsize condos in the city are selling like hot cakes for asking prices. Lord only knows why, but it’s happening. Larger older homes in the burbs aren’t. And if they are they’ve lost value over the last 3 or 4 years.
It’s a tough situation with no end in sight. The fiscal situation in Illinois is dire and there’s no way out of it. Pension plans can’t be touched short of bankruptcy for the cities and villages creaking under the weight of pension costs. Hell the whole damned state is.
The house needs 60 to 70 thousand to rehab it so it would sell. They don’t have that cash laying around and neither do we. The entire house needs to be stripped down to the studs and I’ll bet most of those need replacing.
Believe me I’ve looked into it. They’re pretty much stuck unless they sell for a rock bottom price to a flipper. And most of those are looking for smaller, cheaper jobs that they can move quickly.
For them the numbers simply don’t work.
L