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Important Facts about Fixer Upper Homes

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By : Sonia Smith    99 or more times read
Buying a property that needs repairs is a wonderful idea but also entails a lot of headache and could cost more than what the home is actually worth. These homes are also known as fixer upper homes and may be great investments since you can buy these homes at considerably lower prices. When fixed, these properties offer wonderful value and sell with considerable profit. Nevertheless, even though fixer upper homes are lucrative, there are factors that you should consider.

Keep in mind that you will have less competition when buying a fixer upper home since not many people like the idea of buying a home that they have to repair. You will achieve great satisfaction after you have fixed the home and you will be able to resell it for a nice profit. There are again important points to consider before you proceed in your purchase.

Your main consideration is the location. It plays a vital role in the future value of the home you want to buy. Choose a home that is near or has easy access to vital amenities such as transportation, hospitals, schools, colleges and shopping malls. The next consideration is the price of the property. To maximize the gain from your purchase, make sure to calculate the best purchase price of the home. Calculate the amount the home sells if it were in a good condition and minus the expense you will incur. The amount you get will serve as the best price for buying the home.

You should also have the home inspected by a professional. This way, you can have reports on the major components of the home like the exterior, structure, heating and electrical systems and many more. Get the home appraised by an agent based on the report of the inspector. Bear in mind that renovating a fixer upper home is sometimes complicated and stressful. Aside from being patient, you should spend a great deal of time on it. Expect the work to take longer than what you expected. An ideal fixer upper is one that requires mainly cosmetic renovations. These are more affordable compared to structural repairs and may include paint jobs on the home interior and exterior, putting ceiling fans, stripping wallpaper, adding tile or carpet, replacing old light fixtures, replacing windows and doors and doing minor improvements on the bathroom and kitchen.

Regardless if you want to fix the home yourself or hire a professional, you have to spend time on supervising the work, make sure that there are no costly mistakes and ensure that the project will finish on time. Costly renovations could include air conditioner and heating systems replacement, pouring cement on the sidewalk and driveway, putting new roof, tearing down walls and adding extra rooms or building a garage. You should take into consideration these costs before you make an offer. You have to ascertain that it is worth the price you will offer. It is also a great idea to get an engineer’s report that will alert you of potential hazards when you resell it.
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