Are you considering buying a fixer-upper to flip, use as an investment property, or move in to? You’re not alone. With the immense popularity of DIY-focused real estate shows like HGTV’s ‘Fixer Upper’, more and more people are interested in finding properties in need of some serious TLC.
While it’s relatively easy to define what a ‘fixer-upper is (a home in need of repairs), it’s not as easy to determine whether that fixer upper you’ve got your eye on is really the right choice. Here are four great tips to help you find the fixer-upper that is the perfect fit.
Consider Your Time
Your time is precious and for many people, that time is in limited supply. When considering purchasing a ‘fixer-upper’ home, it’s important to be honest about how much time you can actually devote to this very big project.
Depending on the condition and work needed, some homes in need of renovation can require a huge time investment on your part in order to make it worth your while. As such, if you have young children or a very demanding job, it might be a good idea to find a home that requires a little less work (and a little less of your time).
Know Your Limits
Just as it’s important to be honest about the amount of time you have available to work on your ‘fixer-upper’, it’s also important to be honest about how handy you are. If you have the skills to complete a large percentage of the work required in your renovation-ready home – amazing! If not, it’s a good idea to investigate the costs involved in hiring the professionals you’ll need to do the job and determine whether it’s financially worth it.
Look for Good ‘Bones’
You’ve likely heard of the phrase ‘good bones’ in relation to buying the perfect property. When it comes to fixer-uppers, good bones and the right layout are essential. If your potential ‘fixer-upper’ has a solid foundation and a layout that works well for living, you’re more likely to end up with results you love. Peeling paint, old, worn carpets, outdated flooring and bathroom and kitchen cupboards from the 80’s may be initially off-putting, but luckily they are a breeze to change. An awkward layout or a not-so-solid foundation is another story, however, and should generally be avoided.
Seek Professional Advice
When it comes to finding the best ‘fixer-upper’ option in town, it’s so important to seek advice from the pros. A trusted and experienced home inspector will be able to provide you with valuable insights into potential problems with the home (including issues such as major roof repairs and structural issues) that could save you a ton of money and help you avoid a huge ‘fixer-upper’ induced headache. The last thing anyone wants is for their ‘good deal’ to become a nightmare of a ‘money pit’.
Seeking your own ‘fixer-upper’ in Collingwood, Wasaga Beach, Grey County, The Blue Mountains, Meaford or the Georgian Triangle? We can help! We specialize in listening carefully to the needs of our clients and finding the perfect match (whether it’s the right ‘fixer-upper’ or the right buyer). Connect with Clairwood Real Estate today by calling 705-445-7085.
6. Your Lawyer Will Give You The Deed & The KEYS To Your NEW HOME!
The key exchange is the most exciting part of closing day! It's the reward you've been waiting for since you submitted your offer and endured the process of home buying from start to finish. Now it's time for you to walk through the door & proudly lay your new welcome mat at the threshold for all to see. Of course, you will still have a little slugging to do, now that you can move in, but your new adventure of home ownership has now begun.
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