What Issues You Need To Address If A Fixer Upper In Your Future?

When you decide to buy a home there are always many questions that you have to ask yourself. Where do I want to buy? How much of a mortgage do I need? What type of home will suit me and my family? This last question can also generate a whole new set of questions to find answers for. You can buy a newer home that is completely updated and has very little needs in terms of work to do. When you decide to invest in a fixer upper then you need to have a whole subset of issues to consider. Here are a few issues that you should mull over if you are planning to invest in such a property.

 

In order to make sure that the investment that you are considering is wise then you have to make sure that where you buy a house meets your needs and is in a desirable location. You have to do some research on the area you are looking for such as schools, shopping and whether or not it is close to your job. 

 

The amount of renovations as well as the timeline that you have to work with are all important factors that should go into your decision. When you are working with contractors and other vendors then you are dependent on how they provide their services. If you are lucky enough to find a good reliable contractor then you are also at the mercy of the condition of the home and any hidden issues that may not have been revealed in a home inspection. Noone wants to tear down a wall in a bathroom only to find hidden mold that needs to be remedied as well as the addition of extra time and money tacked onto your estimate. If you are in a situation in which you are paying rent in another location the timeline then is very important that the work is done quickly. 

 

In addition to finding a qualified and available contractor it is wise to ask yourself if this property actually meets your needs and the renovations that you are planning are able to be realized. If the home only has one bathroom and you have a large family then it is unrealistic to think that one bathroom will be adequate for your family. If your plan is to add additional rooms but the home does not suit well for the purpose then it is unreasonable to think that the home is a good choice for you. 

 

Having a good handle on your budget will be important on how you move forward with any renovations. Having enough wiggle room to anticipate any extra costs associated with any issue that may arise is essential. In order to save money there is also the option of doing some of the projects yourself. Simpler jobs like painting and tile work can be done easily if you so desire. Doing your own demo work can help save money on bigger projects. 

 

All of these issues have to factor into any decisions that you need to make in order to secure a property. In this hot market you may have to work extremely fast in order to make a deal on any property and it is important that you be prepared to have the answers to any questions that could possibly be asked. In order to make this process easier it is important that you work closely and well with your real estate agent. Good communication and having all your ducks in a row will only work in your favor. Check out our Agents page or contact our office to find an agent that will work for you to find the perfect property for you and your family.