We came across this great little website for anyone considering the purchase of a fixer upper. Sometimes it's a great way to get into a fantastic house and make it your own. Check out the link below and a few questions they can help you answer.
Buying a Fixer Upper
Can a Handyman's Special Become Your Dream Home?
It is possible to get a much larger home for your money if you buy one which
needs some work. Most buyers prefer a home in move-in condition, so "as-is"
sales, even on a property which only needs some cosmetic work, generally bring a
much lower price.
Some of the questions you should consider before buying a fixer-upper as your
Does the house need repairs or does it need
If the home needs major repairs, they may need to be
done before you move in. On the other hand, updates and cosmetic remodeling can
generally be done while you are living in the home.
Will you have the money to renovate?
If you spend all of
your housing budget on the purchase of the home, it may be months or even years
before you are financially able to remodel.
Do you have the necessary skills and time to complete the renovations
if you are planning to do it yourself?
If you are planning on doing
the renovations yourself to build up what's commonly called "sweat equity," keep
in mind that there's a reason they call it that. It will require a certain
amount of knowledge and a large time commitment to renovate a home.
Are you a procrastinator?
It takes a certain amount of
self discipline to finish home repairs in a timely fashion, and it can be
uncomfortable to live in a home which is perpetually under renovation.
If you do decide that a fixer-upper is for you, be sure to get a professional home inspection before you are locked into a purchase contract. It is also a good idea to get estimates on the repairs from a contractor during the
inspection period to help ensure you know exactly what you are getting into. For
a rough estimate of the repair costs on a property you are considering, use our
I'm a CREIA certified home inspector. I have built Hammond Inspection Services to be more than just an inspection company. I started this blog to be more of a resource to home buyers, sellers and real estate agents.