A fixer-upper can be bought at any time, and is generally less expensive than the rest of the surrounding properties. Fixer-uppers are not as dependent on the temperature of the local realty market, which can be hot, cold or neutral. It is important to choose the right property, get it checked by several specialists such as a home inspector, roof inspection or HVAC inspection. Learn how to assess the repairs and proceed with the home remodel that’s needed to make the investment a success.
The Ideal Fixer-Upper
The perfect fixer-upper home is one that everyone will want in the future, but no one wants it right now. There are many imperfections that can turn people off, such as worn carpets or peeling paint. These issues can be easily fixed. These imperfections are difficult to see and homes that have them often remain on the market because they are not in perfect condition and will be rejected by most homebuyers.
Make sure you offer a fixed-up price for the property to make money. This is before you even consider the possibility of a large resale sale profit. Remember that not all fixer-uppers may not be that lucrative even after undergoing home improvement. There are many factors that will determine whether an ugly duckling house becomes a swan.
The location is one of the most important factors in buying a house. A fixer-upper located at a busy intersection, near a school or just across the street from a landfill is not a good choice. Even the most luxurious homes can sink into these undesirable areas. Look for fixers in desirable and growing neighborhoods. Take a look at the condition of the homes around you. Are most homes well-maintained and occupied?
Next, consider the layout of your home. A three-bedroom home with at least one bathroom is the best type of fixer-upper.
A two-bedroom home is profitable, particularly if it’s the largest of the homes in the area. However, a three-bedroom house can be more lucrative. A four-bedroom house is better than a three-bedroom home. A lot of three-bedroom buyers will sell up to a four-bedroom house.
It should flow. A bad floor plan can make it difficult or costly to move walls. Buyers with small children will be turned off by bedrooms at opposite ends of a house. A two-story home with the primary bedroom upstairs and all other bedrooms downstairs will also turn away buyers. It is desirable to have more than one kitchen entrance. Avoid making the dining room the focal point of your small custom home.
While a fixer-upper may need work, some problems are more costly than others. It is important to distinguish between cosmetic and more serious problems that may require extensive home remodel in Myrtle Beach.
These are some easy fixes:
- Painting, patching, or stripping wallpaper
- Refinishing floors, laying tiles or carpet
- Ceiling fans and light fixtures to be installed
- Trimming or replacing baseboards
- Fixing broken windows
- Leakage of toilet seals can lead to bathroom subfloors being replaced
- Kitchen cabinets can be refaced, painted or replaced.
- Replacing doors
- Change out light switches and outlets
- Exterior painting
- Adding a deck
These are the more expensive home improvement options:
- Central air conditioning or replacement of HVAC systems
- Foundations re-shaping
- When it involves a tear off, re-roofing
- All plumbing, sewer lines and electrical wiring must be replaced
- Concrete pouring for driveways, sidewalks or steps
- Replacement windows can be installed throughout the country
- Remodel your entire kitchen or bathroom
- Garages and room additions can be built
Inspections of Fixer-Upper Homes
Before you commit to any real estate transaction, make sure that your home is inspected by a qualified home inspector. Before buying a fixer upper, you need to be familiar with the different types of home inspections. These inspections are a cost that you must pay to get a good deal.
Roof certifications: If the seller doesn’t have evidence of the age or condition of the roof, the seller can obtain a roof certification.
Home warranty: While not all sellers will cover a home warranty, some may prefer one to avoid late-night calls and costly repairs after closing.
Pest inspections: Pest inspections are required if there is any evidence of damage from termites or beetles. Request a pest inspection. Your purchase offer will be contingent upon your acceptance of the report and any repairs paid by the seller.
Sewer line inspections are required as properties age. Have the lines and septic tanks inspected.
Engineering reports. An engineer makes natural hazard or geological disclosures. Be aware of landfills and contamination reports in the vicinity.
Different fixer-uppers will require different amounts of improvements. It’s subjective. It all depends on what you are looking for and how much you can afford. Consider your renovation skills, finances, and the amount of work required to make a home habitable before you purchase.