REAL ESTATE UNSCRIPTED: Buy Low and Renovate
We helped my aunt purchase a condo in a development in Willowbrook called Lake Hinsdale. She wanted to downsize into a home where she could have a smaller mortgage (or pay cash) and have less maintenance. She plans to retire in the next 5 years and this will help her towards that goal.
The 7 buildings in Lake Hinsdale were built in the late 1970’s, so there were few that were updated, but they always sold at a premium and with multiple offers. She purchased a unit priced well below the updated units and we worked with 4-D Development to gut the entire place replacing the kitchen & baths and adding hardwood to the entire 1510 square foot unit. We painted it with neutral colors added a stone over the existing brown brick fireplace and added new light fixtures. I would say that she now has one of the nicest (if not the nicest) condos in the entire complex.
We had already sold her current home, so she didn’t have time to wait for more to come onto the market. We set up a leaseback agreement with the buyers of her single family home so she didn’t have to move twice. 4-D was able to finish the renovation in 2-3 months.