A fixer upper home can be profitable if you know what things to consider and how to look for the right one. Failure to employ the right techniques can prove to be a nightmare. One of the greatest secrets to obtaining the best fixer upper home for your next renovation project is getting the property checked by expert inspectors so you can evaluate the repairs that need to be done.
But, how do you really find a fixer upper home that would be worth every penny spent? Here are some helpful tips you may follow:
Look For The Best Location
Remember that not all fixer upper homes have potential. Regardless of the property you’re planning to invest in, one of the most important things you have to consider is the location. While first-time investors might think fixer uppers located near schools or in busy cities are the best ones, you should focus on properties located in up-and-coming neighborhoods.
Once you have found the ideal fixer upper home, you may, then, hire the best renovation professionals, like one from Watara Homes, to kickstart planning your renovation project. Whether you are a real estate investor or a one-time home property buyer, choosing the best contractor will make your fixer upper home functional and aesthetically pleasing.
Here are some helpful tips when choosing the best location to search for a fixer upper home:
- Housing Condition: Assess the other homes in the area. Are they mostly occupied by the owners? Do they look properly maintained?
- Home Configuration: The configuration of a home that would appeal to the majority of home buyers should be considered. Choosing a three-bedroom house with two or more bathrooms is better.
- Layout: Make sure that the layout of the house flows smoothly because a poor layout is a big turn-off. For one, it’s costly to move walls. Also, two-story houses with bedrooms downstairs and a master bedroom upstairs, as well as those with bedrooms located at opposite ends, are not favorable and appealing to buyers. On the one hand, a house with more than one kitchen entrance is desirable.
Evaluate The Home’s Condition
It’s already expected that fixer upper homes have issues, but some have worse issues than others. That’s why it’s important to determine the fundamental problems from the cosmetic ones. This way, you’ll know if the property is worth renovating, and whether or not it will give you profitable benefits.
The most expensive fixer upper fixes include the following: building additions, shoring up foundations, replacing HVAC systems, adding a central air conditioning, and reroofing. It also includes replacing electrical service, replacing sewer lines, replacing the plumbing system, pouring concrete for sidewalks, steps, or driveways, and complete bathroom or kitchen remodeling.
On the other hand, here are some examples of easy fixes:
- Laying carpet or tile or refinishing floors
- Painting, patching walls, and stripping wallpaper
- Installing new light fixtures and ceiling fans
- Adding trim or replacing baseboards
- Door replacement
- Fixing broken windows
- Bathroom subfloor replacement (leaky toilet seals)
- Painting or refacing old kitchen cabinets
- Changing light switches and electrical receptacles
- Adding a deck
- Exterior painting
Ensure Complete Home Inspection
Real estate is a major investment, so complete inspection is a must before closing the deal. But, what are the mandatory inspections that shouldn’t be overlooked?
Here are the things to be inspected before buying a fixer upper home:
- Pests: The likes of ants, termites, and beetles, may cause major house problems. Before making a purchase, make sure to ask for a mandatory pest inspection.
- Roof Certification: This is essential for you to know the exact condition of the roof. Take note that the expense should be shouldered by the seller.
- Engineering Reports: Make sure to check detrimental resale hazards by reading contamination reports and paying close attention to nearby landfills. Engineering reports usually include these geological and natural hazards disclosures.
- Sewer Lines: Sewer lines deteriorate as years pass, so septic tanks should be checked out.
- Home Warranty: This serves as your insurance against a bad fixer upper.
When buying a fixer upper property, you have to make sure that all types of inspections are carried out to make certain that you’re getting a valuable investment. Of course, you need to look into the location and the home’s configuration and layout, as well as determine all the possible fixes that need to be done. By following the tips mentioned above, there is a high chance that you’ll be able to find the best property that you can renovate and resell for higher profits.