Want To Buy A Fixer-Upper? Be Sure To Read This First
A lot of people prefer to purchase a house that needs a bit of work in order to save a few bucks on the purchase price. However, what many of them fail to understand is that the price is likely to be lowered for a reason, and the investment that you might have to put in to get it fixed is sometimes going to be significantly more than the difference in the price.
Of course, purchasing a fixer-upper can also be the sweetest deal that you’ve made, but there are things that have to be considered.
Will the House Stand Up?
In order to buy a fixer-upper that’s worth your time and money, you have to make sure that the structure is intact.
If there are structural problems with the house, you are better off without it. They are incredibly expensive to fix, and in a lot of situations, you’d need to tear it apart and bring it back up, which is likely to turn out to be quite costly.
Consider the “Membrane” of the House
The membrane of the house is the cladding and its roof. These are also among the things that you might want to check before buying a “fixer” home.
If you buy a fixer-upper with a leaking roof, and need to replace it, that is one of the costliest repair items in a home, and would need to be budgeted for.
A good home inspection, prior to making the decision to buy, will show you anything that will potentially be “an issue”. Home inspectors will go through the entire home, from top to bottom and tell you everything you may potentially have issue with.
Buying a fixer-upper can be a great way to save a considerable amount of money, and turn the home into just what “you want”, but you need to ensure that the house is in overall good condition.
The best case scenario would be for you to only need to “freshen up” the place with cosmetic reconstructions. These include items such as new carpet and paint, which will provide an updated look and feel, without the large price-tag. Bathrooms and kitchens can be quite expensive to redo.
Pay attention to the details when looking to buy, and know your options. Call me today to review financing options.