Tips on Buying a Fixer Upper

If you’re in the market for a fixer upper, you are not alone.

There are many people that are opting to purchase a home that, in its 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 fixer upper tips 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 (I’m looking at you Property Brothers), 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.  It’s important to know how much your renovation will cost. Consider if you can negotiate on the purchase price.  Some buyers are eager to sell and will possibly be flexible.

We at MyHome US are here to help you when you’re ready to get that fixer upper fixed! Book a free consultation with us here.