Euphemistically called “fixer uppers,” these properties only make sense under certain circumstances. Before buying such a home yourself, you need to analyze your own situation to make sure a fixer upper is really the best option for you.
You also need to evaluate each individual home before signing. That way, you’ll avoid taking on a project that’s bigger than what you can handle.
Here are four factors to consider.
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some fixer upper tools to consider
Ask Yourself if You Have the Money for Major Repairs
Lots of folks buy a fixer upper without acknowledging what exactly it is they’re getting themselves into. Some homes require tens of thousands of dollars for repairs.
You need to study your financial situation carefully to make sure you can afford this type of investment. It’s best to factor the money for these improvements into your notion of the price of the home.
Hire some contractors to go through the home and help you get an idea of the exact repairs that need to be done. After that you will have a good idea of the cost. If it is out of your budget, it will be time to look into a different option.
Make Sure You Have the Time for Major Repairs
Overseeing a major remodel, even if you hire professionals to do the work, is no simple task. You’ll have to spend many hours coordinating projects, calling contractors, and making decisions.
On top of all that, you might have to find other places to stay during certain stages of the work. Before purchasing a fixer upper, you need to ask yourself if your schedule allows for such a major commitment.
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some energy efficiency ideas to consider
Plumbing
While some problems are easy to spot with the naked eye, others are hidden from view when you first view a home. Plumbing issues in particular tend to hide underground or inside cabinets. These types of problems can prove disastrously expensive, so it makes sense to contact a plumber ahead of time to check for any issues.
Water Damage
While fire can destroy a home in rare instances, water is the element that does a number on almost all physical structures. From rotten shingles to leaky fireplaces, rain and moisture can seriously harm a home. Make sure you account for all instances of water damage before finalizing a purchase.
Fixer uppers are great options for certain buyers, but they’re certainly not ideal for everybody. Keep these considerations in mind as you decide what type of home is best for you.
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