Tips for Buying a Fixer-Upper Home
More and more people are entertaining the idea of buying a property lesser than their expectations, with a view to fixing it up to live in or to sell on for a profit.?
This is a great idea. It makes sense financially, it can be a great way to shape a property to your liking, it could even result in a dream home.
There is lots of advice and plenty of resources out there for people wanting to take this approach. There are however, a few basic considerations to bear in mind before bulldozing ahead with it.
Here’s how to get the best out of the process as well as a great deal.Think it through
Lots of people like the idea of buying something and doing it up. It’s a great project and the result makes your property that little bit more special to you. At the same time, it’s a challenging feat. There is lots involved and you’ll need a pragmatic approach and will have to engage in a fair bit of research to ensure you are hiring the right people, getting the best quotes or are up to the DIY challenge as well.
There may be periods you’ll have to stay home while work is being carried out or you may have to make arrangements to stay elsewhere. Prepare yourself and be aware of just what’s involved before making your decision.Getting the best prices
One of the appealing things about a fixer-upper property is that you get a dream home for a darn good deal. So, make sure you look for a good deal on the property you buy to start with.
If the property needs substantial work, then the price should reflect fairly. Negotiate, negotiate and negotiate to get that discount. Once you’ve spent more money on renovating the property, it shouldn’t then be too expensive to sell in the area. So, forward thinking is important here too. One of our 2percent realtors® may be able to help you find a good deal, and by paying only a 2% commission, you’re already getting a good discount.Get an inspection
Whatever property you end up buying, you have the expectation that it needs some work. There may be little things you’re not looking out for however and an inspection will help bring these to light. It might not be a deal breaker but you’ll have to consider all of the faults and all of the work needed in order to make an informed decision and to pay the right price.
Getting a fixer-upper is a great decision but only if you have the time, resources and the foresight to avoid it turning into the wrong one.