Should You Buy A Fixer-Upper?
Should You Buy A Fixer-Upper?
Start With A Thorough Home Inspection
Best to know the extent of the job and whether or not you are up to it before you buy. Some fixer-uppers simply need cosmetic work such as paint, wallpaper, carpeting and maybe kitchen appliances. These are fairly easy to estimate the costs for fixing. Homes that need minor structural repairs such as roofing are also fairly easy to cost estimate. However if a house needs major structural repairs it is best to have a contractor take a look at it before making an offer or make your offer subject to your contractor's report.
How Much Should You Pay?
This, of course, depends on the condition of the home and the estimated cost of the repairs you must make. A home in a good neighborhood that is priced about 25% lower than others that are in good shape may be a good deal if it simply needs cosmetic or minor structural repairs. If the house is a gut job, that is the entire inside will be torn out and rebuilt the 25% rule may work and may not, so estimate your costs as closely as possible.
Searching For A Fixer Upper
Shopping by neighborhood makes good sense when considering the purchase of a fixer upper. As a buyer, the more you know about the homes in a particular area the better able you are when it comes time to judge whether or not a home you are considering meets the financial parameters you are looking for.
Distressed Property
Finding the right fixer upper often involves finding a seller who is in financial difficulty and wants to sell in order to protect their credit or to avoid foreclosure. Various government agencies such as VA, HUD, IRS and others offer homes in foreclosure for sale and these homes can make excellent fixer-uppers. Bank owned properties known as REOs, real estate owned, offer good opportunities since financial institutions want to eliminate their real estate holdings by selling foreclosures quickly. Today, homes that are offered as short sales may also be good candidates to buy as a fixer upper.
Buying to Flip or For Your Personal Residence?
Many investors look for fixer uppers and distressed property to buy, fix up and then flip or sell. However, buying a fixer upper is also a good way to get a good price on a home you can modify and then use as your personal residence.
Be An Informed Buyer
So, the more you know about the neighborhood home values, building and remodeling costs and the risks of buying distressed property, the stronger your position will be when buying a fixer-upper to flip or as your personal residence. Before You Buy a Turbo Kit Visit An Online Shopping Store - Your Virtual One Stop Shop! Spend Your Life without Paying a Heavy Bill with Lg Gw520 Contract Deal Shopping online has many perks including better deals Voucherseeker.co.uk – The Perfect Place For Online Shopping A buyer's guide to star twin tents Top reasons to buy KD canopies Voucherseeker - The Most Important Online Shopping Shop Voucherseeker.co.uk – The Online Shopping Portals Few Important Things You Must Know Before You Buy Aricept If You Don't Win, You Don't Pay Platinum Buyers Can Demand Higher Prices Buy HID Kits