hello people, my name is Oliver. I am beginer realestate investor, and new to the forums! I have a few questions about a property i am currently considering.
The house is assesd at 79k
*Improvement value is 63 k.
After repair value is 120k.
if the house is unfit for occupancy what would usually be the value? what would cause this?
*What is improvement value?
Good morning Oliver,
There are a ton of things that make a property unfit! To name a few No hot water, or no water, no furnace, no windows, or broken windows, no flooring, structure damage, etc........
The thing to keep in mind is there are very few banks that will lend on this sort of house until the problem is solved!
Howdy Oliver:
The improvement value and the land value should add up to the total assessed value. Some taxing authorities will give the value for each improvement like a porch and deck or other areas and then the main house and other out buildings etc.
Like Robb said any number of defects could cause the house to be posted, roof leaks is a good reason as well.