Winterizing a Foreclosure in Michigan
I'm curious to hear from anyone who has experience winterizing a foreclosed property in a northern climate. I live in Northern Michigan.. we get a lot of snow up here. If a property is properly winterized is there much risk of further damage due to freezing?
I am purchasing a foreclosed duplex that needs a major renovation... around $50-$60k of work. I'm purchasing the property with cash and if I wait to renovate until spring, I'm confident that I can pay cash for the whole renovation. Then I would refinance after it is in service. If I renovate during winter, I will likely need to borrow or sell some equities (pay capital gains). I have great credit, but I would like to avoid shortterm debt costs.
I realize that I would loose income by delaying the renovation, but it is often hard to find good tenants in winter anyway.