Tips on Buying a Fixer Upper
There are many people that are opting to purchase a home that, in it�s current state, would make Bob Vila cry.
For starters, fixer uppers could be purchased for a price so low it�ll make you giddy, while other benefits include being able to create a uniquely designed home suited to your own taste and potentially making a handsome profit if/when it comes time to resell.
Before you start scouring around for the perfect fixer upper, here are a few things to keep in mind.
Do-It-Yourself
The ideal fixer upper is the one that has mostly cosmetic issues. Remodeling tv shows everywhere make us think that turning a home from a dilapidated mess into a space befitting a king is as easy as building a LEGO set, but, in reality one should be honest about what they can actually do themselves. In the end, a bad DIY job could become a serious financial, physical and emotional burden.
Inspection
Before you buy, have a certified and experienced home inspector evaluate the property. You want to avoid getting yourself into a money pit so deep, you�ll forget what daylight looks like. There are many different types of inspections and professionals to help you create an accurate assessment of the property you�re eyeing.
Cost
When you are ready to put an offer on the fixer upper property of your dreams, you should consider the fair market value less any upgrade/repair costs. Consider if you can negotiate on the purchase price. Some buyers are eager to sell and will possibly be flexible.