Fixer Uppers: What to Know before You Buy
If you’re contemplating the purchase of a fixer upper either as your home or as a piece of investment property, there are some important items to keep in mind. Depending on what precisely needs fixing up and the cost of the house, the purchase could become a nightmare or a profitable investment. If you’re handy or even somewhat handy with a hammer and nail, it might make fiscal sense to buy a house that needs work. Yet, even if you aren’t keen on sanding floors and installing new cabinetry, you still may find that the cost to remodel a fixer upper is still a good deal for you given the cost of the home and what a few updates could do to the home’s positive value.
Dated Home Features
Many home buyers are looking for a house that’s turn-key ready. When they walk into a house that has old wallpaper, dated lighting fixtures, and worn-out carpeting, they are frequently turned off and are unlikely to make an offer. On the other hand, cosmetic changes are easy to handle for many people in the market for a fixer upper. Trendy paint colors, new carpets, and contemporary fixtures can transform a dated dwelling into a smart space that brims with a modern look. If the home’s essential systems all check out, this type of fixer upper can be a dream for real estate shoppers looking to score a good deal on a property that’s relatively easy to update.
Essential Home Features
It’s important to have a house professionally inspected before you buy it. While a worn-out furnace isn’t necessarily a deal breaker, it’s something buyers need to know about so they can factor the cost of installing a new one into their bid. The condition of the roof, foundation, and electrical system are also important to note as their updates could cost a bundle and turn your investment on its head with the cost of upgrading these features. If you’re wondering about the average cost to repair a cracked foundation or replace a roof, talk to us. We can let you know about the cost of materials and labor so you know what types of updates you are willing to invest in.
Purchasing a fixer upper in a good location or up-and-coming area may be just what you’re looking for in a fixer upper. Homes in undesirable location may not hold their property value even with the updates you add to the house. From a fiscal standpoint, you’ll want to assess the cost of what it will take to fix the property and whether or not you’re likely to recoup that cost should you list the property on the real estate market. Purchasing a fixer upper in a highly desirable neighborhood might come with a great price tag, allowing you to get into a higher-priced area for an affordable price.
Many people love the idea of purchasing a fixer upper because the required updates allow them to tailor the house to their lifestyle and design style. We can help you with any or all of the updates you want to make. If you need to consult with questions about a prospective property deal, be sure to get in touch.