You see it all over the internet and television. Shows such as Fixer Upper, Design Star, Property Brothers, Flipping Out make us all believe we can easily manage a home renovation project. Before you purchase that fixer upper, here are some things you should know first.
1.) Find a Realtor who is experienced in working with fixer uppers, distressed properties and really knows the area where you are searching.
2.) Determine what your expenses are going to be in renovating the house before you make the offer. Some fixer upper house flaws can be fixed and other flaws can cost a bundle. Do your homework and hire licensed contractors to give you good estimates on repairs needed to the home. You'll want contractors such as structural engineers, electricians and plumbers. You'll also want to know if the roof needs to be replaced, do you have a mold and/or radon issue in the home.
3.) Draw up a reference sheet for renovation costs such as roof, foundation, HVAC, and windows. This will help you to determine a viable offer price and keep you on budget for when you begin your renovations.
Now the up side to buying a fixer upper is that many times these homes can go for as little as 60-80% of original asking price especially if it's been on the market for a long time or of you're able to offer cash upfront. The bottom line is the more you break down your expenses, the more sense your offer will make to the sellers who will hopefully play ball. In addition, knowing your expenses before hand will keep you on target for a profitable return on investment.
Author:Jennifer Burns Phone: 301-676-3600 Dated: February 2nd 2018 Views: 53 About Jennifer: Jennifer was born and raised in Maryland and for the last 21 years has resided in Middletown, MD. Up...
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