Are you considering Buying A Fixer-Upper ?

Always dreamed of renovating a home exactly to your specifications, or have you found an older house that is structurally sound but needs a lot of work inside?  Perhaps the price is right and you can't resist what you can get for your money.  Whatever the reason, buying a fixer-upper can be both an exciting and rewarding purchase or a financial and time consuming disaster, depending on whether you are prepared for what you have gotten yourself into.  So what should you know before buying a home that requires a little or a lot of tender loving care?

The Benefits

The benefits of purchasing a fixer-upper are obvious.  The price is usually right, and if the seller wants a quick sale you may be able to negotiate a really great price.  Also, if you intend to flip the home after the renovations, the profit for the money and time you have invested may be quite considerable.  The trick to getting these benefits, however, is knowing what type of property to look for, as well as having an accurate idea of the associated costs, and realistic expectations of the time and effort it will take.

What Makes A Great Fixer-Upper?

There are several features that may make for a great fixer-upper.

Location-Buying a home in a desirable neighborhood is always a smart idea, particularly with homes that require a lot of work. Purchasing a house in a sought after area can mean a greater resale value.

Layout -This is especially important if you plan to sell the home after the renovations are finished.  Selecting a home that will appeal to the greatest number of buyers will get you the best price.  Also, choosing a home with a good layout may save you a considerable amount on the actual renovation costs because you are less likely to need extensive work to be done.

Condition-Ultimately the most important consideration is the actual condition of the home. Choosing a fixer-upper with only cosmetic problems such as damaged flooring or old fixtures, and in need of only a new paint job, can often have the greatest profit margin and require much less money and time.

When purchasing a home that needs work done it is recommended to get some advice from a property expert and get estimates of the cost of any work that is required before making your offer as this will make all the difference with your decision.

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