Buying a fixer upper can be a great way to get a property for less than the price of surrounding homes. However, it can be an intimidating undertaking with a lot of unknowns. To avoid unpleasant surprises that drain your wallet, it is key to have it properly evaluated before signing on the dotted line. Choosing the “right” fixer upper makes all the difference. Decide early on how much your budget, and patience, will allow.
Fixer Upper Flaws that Can Break Your Budget
Foundation, structural and roofing issues are just a few items that have a big price tag. Go into the project with open eyes. By partnering with a knowledgeable agent, you will have access to experts who can properly assess the property.
Additionally, replacing major systems like heating, ventilation and air conditioning can be costly. Issues like mold can be resolved but can also come back over time.
Consider the Location & Layout
Evaluate the potential of the fixer upper you are looking at. One of the most important factors is location. It should be just as desirable as a home that is in perfect shape. Seek out project homes in sought after areas. Check out neighboring homes to see if they are in good condition.
Get the Right Inspections
When I work with a buyer on a fixer upper, I put them in touch with my network of experts. It is worthwhile to invest in a thorough examination of the home. It should go above and beyond the standard home inspection. I suggest taking a closer look at some of these items:
-Get a roof inspection/certification.
-In the Deep Creek area this isn’t always necessary, but a pest inspection for a fixer upper is a good idea.
-Sewer line and septic tank inspections will guard against any surprises with aging lines.
Properly Estimate Renovation Costs
Do your research. Consult with contractors, friends, co-workers or even a structural engineer. This will help you decide if the repairs are within your budget. Use the information you get as a reference when getting actual estimates for these items. With this info, I can help you submit a proper offer price on the property.
Identify What You Can DIY
Be realistic when you are considering projects that you can do yourself. Cosmetic items like painting or wall paper can usually be handled by a novice. However, you may want to involve an expert when it comes to things like electrical tasks. Another thing to think about is whether or not you are comfortable living in a construction zone. While it often pays off in the long run, it can be a stressful endeavor.
When you browse Deep Creek Lake and Garrett County homes, I am happy to help you find the perfect fixer upper. From submitting the right offer to hiring the right experts, I have connections that will make the process easier.