Has it always been a dream of yours to buy a fixer-upper home and take on the project of renovating towards your dream home? Or maybe you're interested in a home-flipping investment? Whatever your interest is in purchasing a fixer-upper home, here's some things to keep in mind to determine if it's the right investment for you.
- Are the problems (if any) structural or cosmetic? Cosmetic problems will be a lot easier to fix (and cheaper) than structural issues.
- Do you have the time to fix the issues? If not, do you have the money to budget for hired help?
- Find a good home inspector
- Check thoroughly these key components of the home: roof, structure, foundation, plumbing, heating and doors/windows. Calculate costs involved to fix up each of them.
- Calculate your costs: will you be fixing up the home yourself, or hiring help? What will building materials cost, etc. All of these should come into play when you do your pro/con list as well.
If you decide to go through with it, here's some tips for success:
- Work with a REALTOR® to ensure you are investing in the best possible home for your needs. Scouring the Internet on your own may bring legal issues about.
- Find a good home inspector so you can be made aware of any and all issues that are present or may arise in the home as it is.
- Weigh the pros and cons seriously of the specific property you are looking at. This is also a good time to consult your REALTOR® as well.
If you're looking for an in-depth guide on the specifics of fixer-upper homes, everything from flooring to plumbing choices, check out this free guide from Homes.com.