How to Find the Perfect Fixer Upper
How to find the perfect fixer upper for your budget
Purchasing a "fixer upper" home presents an exciting challenge. Not only is it potentially a great way to turn a profit if you plan to flip, it can also be a great investment if you choose to stay put. But not all properties are the same. Make sure you're investing in the right situation for your budget with these simple tips:
Think like the next buyer
If your main goal is to fix up the home and resell it, it's important to take the mindset of the next buyer. Forget about your needs and think about those of the future homeowner. What benefits will this house provide? A finished basement, or other various amenities may not make the home attractive to you, but could be a deal breaker for a potential buyer down the road.
Get a professional opinion
If you have any doubts about potential damage, have a professional carefully inspect and assess the situation. He or she will have a better sense for spotting structural issues. This information may help you budget accordingly once you know the exact condition of the home.
If you're looking for a good bargain, keep your eye out for dirt and clutter. These types of messes are often easy to fix, but turn away buyers and reduce the initial price. Look past the ugliness to see a home's true potential. Clutter can trick the eye, making rooms appear smaller, so carry a tape measure to check room sizes and be aware of the home's true layout.
Look for hidden expenses
Unless you're prepared to spend a fortune on flooring and foundation repairs, a leaky basement, signs of water damage, uneven floors or crack in a home's structure should raise a red flag. These are signs of bigger problems that may waste too much of your precious time and money.
Ready to take the plunge? Give me a call and let me help you find the perfect "fixer upper."