The Best Fix for a Fixer Upper
The real estate world is fraught with pitfalls. If you don’t tread carefully, you could end up with a money pit. Does a fixer upper fall into such a category? Although buying low and selling high can be an investment style you can adopt in real estate, there are more risks involved where a fixer upper is concerned. But the idea is still viable, if you know exactly what to do to be on the winning end.
First off, you need to ask yourself if buying a fixer upper is for you. People who get into this venture share common attributes:
– They have a knack to take on new and, often, extensive projects.
– They have great vision of what to do with a dilapidated building.
– They are patient and a team player.
Most importantly, they are hands-on. Although you can always delegate, a fixer upper requires a good amount of attention.
How many yeses did you answer? If it is 3 or more, you have a future in this venture. Still, you need to learn a few tricks that will help you excel in this trade.
Get to know the neighborhood
Location still matters, regardless of the type of property you buy. No matter how great the house would turn out after the renovation work, if it is located in a not-so stellar area, it won’t make much of a difference.
Inspect and evaluate
The property might only need a few minor repairs, which is beneficial on your part. But what if it requires a major overhaul? Make sure to get an estimate from a contractor at the same time. Don’t bite off more than you can chew. Homeclick is a great online resource to assist you in evaluating repair cost.
Improve according to the market
The last thing you want to do is overspend on the renovation work. It is important that you only spend money that you are sure to get back after everything is done.