How To Find The Ideal Fixer-Upper?

How To Find The Ideal Fixer-Upper?

Buying a fixer-upper is one way to save money when purchasing a home for yourself or for investment purposes. Still, it requires a careful approach to avoid buying a money pit that will need endless repairs. An ideal fixer-upper will need just the right amount of work to turn it into a lovely and functional home. Your job is to find a decent home, calculate all the costs, including the necessary renos (which you will need to know in advance) to make your purchase a success. Buying a fixer-upper with an agent and a handyman is more prudent as they will be able to assess the condition of the home from a professional standpoint. Sometimes, it is hard to draw a line between what is acceptable (what pays off) and what is not, but here are a few pointers that can guide you in the right direction.

The Location

Location is a significant factor in the market value of a home, whether it is a fixer-upper or not. They always say it is better to buy the worst house in a good neighbourhood than the best one in a bad neighbourhood. It is hard to find an affordable home in the top suburbs even when it is a fixer-upper, so you may want to look into areas that are right next to the upscale streets and communities, also known as up and coming neighbourhoods. Those tend to be lower in price, but still, have vast potential to appreciate very fast due to their favourable location and development possibilities. Another critical factor is to pay attention to the surrounding amenities like green spaces, shops, schools, etc. because convenience is always high on the list when it comes to a home's value.

Focus On Key Elements

Fixer-uppers are usually not the most attractive looking as there are certain repairs overdue. Still, you need to be able to see beyond that and focus on core elements like the roof, foundation, the layout- things that would be too expensive to change. Don't focus on the furniture or lose doorknobs as you can quickly fix that. You need to be able to distinguish between too costly and affordable repairs to find your ideal fixer-upper. Since this is sometimes hard to know in advance, a home inspection will come in handy.

Never Buy A Fixer-Upper Without An Inspection

A fixer-upper is a home in need of major and minor repairs, and you certainly do not want to run the risk of buying a home that needs to be rebuilt from scratch! A home inspection will reveal the ins and outs of the home's condition and its extensive damage. For example, structural problems are hard to spot with the naked eye, but an inspector can tell for sure if something is wrong with the foundation or if mould can be found under the freshly painted walls. Such information will help you decide if a home is worth buying or not. You will also need a detailed cost estimate beforehand to know how much the repairs will be and if they match your budget. Also, always make sure your budget includes a sum for emergencies as these are very common when it comes to home upgrades.