5 Can't Miss Tips When You're Buying a Fixer Upper

Buying a fixer-upper offers you an amazing investment opportunity and provides an endless assortment of projects for those who like to work with their hands.

No matter if you plan to flip the property quickly or live there for some time, you shouldn't cross a fixer-upper off your list when buying a house. Still, we all know that buying a house can be a complex challenge and fixer-uppers add a bit more for you to think about. So ... What do you really need to know when buying a fixer-upper?

Get off to a running start with these five tips:

  1. Start with Location Location is one of the most important things to think about in any home purchase. There are two strategies that may be effective here: One is the traditional "central location" that has potential for a lot of curb appeal. The other is talked about less, but can still be a savvy choice: A more secluded and private property set back from the main road.

  2. Set Up a Sound Renovation Budget The perfect location can still be undercut if the needed repairs exceed your budget. The best way to get the real facts about what needs to be done is to get a complete house inspection. Then, get bids for the things you can't do yourself and figure out the cost in time and materials for those you can. When you have a figure that seems accurate, add 10% for the unexpected.

  3. Identify the Biggest Issues First Making repairs to the roof will not only add value but remove a major stumbling block that can easily scare potential buyers away. Working on the foundation isn't nearly as glamorous – it may add nothing at all to your future selling price – but you should double-check to see if it is necessary. What else can you look out for? Electrical, heating, and pest issues are important.

  4. Negotiate Hard So, you've done the calculations on what renovating your new find might cost you. Now, you can use that information as leverage in negotiating a better price. It's not unreasonable to ask for 20 percent or even 40 percent off the asking price. What other factors play in your favor? A property that's been on the market for a long time or a goodly sum of cash to offer up front.

  5. See if You Qualify for a Renovation Loan There are several different types of renovation loans, including the popular 203(k) loan backed by the federal government through the Federal Housing Administration. Many different banks can offer this loan as long as they follow federal rules. Home buyers can get low interest rates on a 203(k) and may be able to qualify even with less than perfect credit scores.

Buying a house can be the greatest step you ever take for your peace of mind, financial security and yes--your enjoyment. The choice to make that house a fixer-upper can be considered a bold one. Still, for some people, there's simply nothing better.

Use our tips and you'll find it's easier than you ever imagined to make the right decisions for buying a house. In just a matter of months, your very own fixer-upper could become the home of your dreams. If you go in with a clear view and realistic expectations, you can't lose!


To get our free Fix n' Flip calculation excel sheet, contact us at DLessard@JohnRWood.com.


#homeremodel #homeremodeling #fliphouses #fliphouse #naplesflorida #swfl #johnrwoodproperties #teamlessard

Team Lessard

TEAM LESSARD                  

JOHN R. WOOD PROPERTIES 3255 TAMIAMI TRAIL N, 

NAPLES, FL 34102

TELEPHONES

DAVE LESSARD (239) 440-6485

ANIK LAUZON   (239) 440-2024

FOR EXCLUSIVE NEWS &

MARKET UPDATES SIGNUP TO OUR NEWSLETTER

The success of the firm can be traced to the culture that was first established in 1958, and has evolved with only minimal changes to the guiding principles. The legacy in the luxury real estate market indicates a high probability that your home will be sold in the shortest possible time, at the highest possible price.

Disclaimer: All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Real estate listings held by brokerage firms other than John R. Wood Properties may be marked with the Internet Data Exchange logo and detailed information about those properties will include the name of the listing broker(s) when required by the MLS.

All rights reserved | Privacy Policy