When looking for the perfect home many people wonder if they would be better off buying a fixer upper home, This could be a great savings of money and a great way to build equity. There are several questions that one person should ask themselves before they make this leap. Here are just a few of these questions to ask…..
1. Count the costs– Have contractors go through the home with you and help you determine the cost of the repairs that are needed on the house that you are wanting to purchase. Make sure that you are really getting a good deal on the property when you include the cost of the repairs. Also make sure there is a little money set aside for the unexpected.
2. Do you have the time?- It takes a lot more time then most people imagine in order to do the necessary repairs. Are you having to take time off of work to do the repairs? Are you willing to live in a little bit of mess while the project is going on?
3. Do you have the skills?- Are you able to do most of the work yourselves or with the help of friends and family or are you going to have to contract it out and have contractors do the work for you? While having contractors do the work for you can make the work go faster, it can also make your budget get larger.
4. Get that home inspection.- It is very important to get a thorough home inspection so that you know whether your repairs are major structural or just cosmetic. Make sure the inspector looks at all the crucial systems in the house such as foundation, plumbing, electrical and structural just to name a few. Get all the items in writing so that you can make sure to a lot for these items in your offer on the house.
5. Do you have a vision?- are you able to envision what it is going to look like when it is finished. There is nothing worse than working hard without direction. This is also helpful when it comes to planning your budget for these repairs.
Like we said, these are just a few things to look at when you are thinking of purchasing a fixer upper property. Your realtor is the best resource when it comes to this situation.
