TV shows make finding a profitable fixer-upper seem easy. But in the real world, there are real challenges and decisions to be made.
Whether you’re buying an investment property or a starter home for your family, there are dozens of factors to consider. How much will it cost to renovate? Are home values rising or falling in the neighborhood? How in-demand is the area?
Want to make sure your purchase isn’t a money pit? Ask yourself these four questions:
1. Does it have good bones?
2. Is the price comparable to the area?
3. Does it need special inspections?
4. What does your contractor think?
Remember, it’s not just the sticker price you want to consider when buying a fixer-upper, but the cost of the entire project.
Do you need help finding the fixer-upper of your dreams? Together, we can evaluate the purchase price, factor in repair costs and determine the future resale value of the home.
If you’ve already got your eye on a fixer-upper, or want help finding a contractor in our area, get in touch today.