Pre-ApprovaL:YOUR 1st Step In Buying A HomeIn many markets across the country, the number of buyers searching for their dream homes outnumbers the number of homes for sale. This has led to
Four Essential Steps To Take When Investing In A Fixer Upper
A home is a beautiful place, it is a place where friendship and family are fostered. Choosing a home to buy, for some people, is one of the most important investments they will ever make. So, what happens when you fall in love with a home that needs a little more love? Here are some tips to consider before investing in a fixer upper.
Bring in a home inspector
A home inspector will look for the major issues affecting the home such as, structural, plumbing and electrical function.
Be sure to go around the house with the home inspector, ask questions and don’t be afraid to point out areas you may have concerns about. Home inspectors will write out an extensive report on the condition of your home. It is important to read through it all in detail so that you are aware of all the issues that could pose a problem in the future. Depending on you, the issues and your budget some of these problems may not be worth the buy.
Consider the zoning
According to George Vanderploeg, any municipality has zoning districts and as a prospect, you need to know what uses are permitted.
Some municipalities will require strict adherence and will normally do constant follow-up to make sure that your fixer-upper has met all the required standards. However, in some, how you deal with your fixer-upper is up to you.
Basically, before going ahead with your renovation plans, you need to research more about your municipality zoning requirements and this can be easily accessed through the municipality’s website.
Budget your costs
Sit down and come up with a budget on all the costs that you are likely to incur. It is important that you do not leave out any details however small they may be. Even a minor fix up needs to be included in the budget. This will go a long way into helping prevent future problems down the road. I also recommend estimating a higher budget plan then what you think you will need. Most likely something that you have not planned on will surprise you and it’s nice to have that extra cushion for those unexpected repairs.
Bring in a contractor
After everything has been settled and you’ve determined the costs of renovating the house, it is time to find a great contractor.
Do diligent research to make sure it is someone or a company you can trust.
There have been cases where contractors have been assigned a job but left it in the middle. Never make a full payment upfront. A great rule of thumb is to pay in installments. Interviewing a few contractors, checking reviews and past work projects is always wise.
Fixer uppers can be a great investment. Just be sure to do your research and plan wisely. Happy house hunting!
As a Full Time real estate agent for the past 23 years, Sheryll has helped hundreds of home owners in Colorado buy and sell their homes. Sheryll's easy going, no pressure style and her in depth knowl....
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