Fixer-Uppers: 3 main things you need to know
Popular television shows have made the business of breathing new life into an old home glamorous. In just a half hour episode, a house goes from run down to exquisite. Rarely are we shown the true scope of the project, or the many hours of labor that are required to create the finished product. If your dream is to buy an old, neglected house and transform it into a beautiful new home, there are some important things you need to know about buying a fixer-upper.
- Know the Final Goal
Before you are committed to this house, what’s your final goal? Are you planning to sell it again, or are you going to live in it for some time? The plan you have for the fixer-upper is important to know when you’re making certain decisions, such as which house to buy and how you’re going to tackle each project. Figure out what you want from this house before you even start looking to buy.
- Picking Your Property
Buying a fixer-upper isn’t easy. It’s important to realize that it’s rare to find a house listed for cheap that will be worth far more in the end than the money spent on the purchase and the work that will need to be done. Many fixer-uppers will wind up costing more by the end than a house that is move-in ready. There are great deals to be had, but the search will take time. Be patient and hold out for the home you know you’re going to love in the long run. Even if you find one you think is great, take a few days and have estimates done for the major projects you want to do.
- Who’s Doing the Work?
Are you planning on doing the majority of the remodeling? Are you going to hire contractors for the bulk of the work? If you are capable of doing it yourself, you’ll save some money. If you’re planning to flip the house and sell it when it’s completed, a contractor might be the way to go to ensure the highest quality results.
Good luck in finding the right fixer upper home for you!
Detroit is often referred to as America’s poorest big city, which can make it seem like undesirable compared to other parts of the country and other markets..
If you’re interested in house flipping, there is one state that’s been picking up some serious steam lately. That’s Illinois, by the way.
It is easy to focus in on well-known markets like Chicago and New York for house flipping, but don’t discount the existence of lesser known but incredibly profitable markets as well. One market such as this is Dayton, Ohio.