Video: Thinking About Buying A Fixer Upper?
Tuesday Sep 13th, 2022
Thinking About Buying A Fixer Upper?
Thinking about buying a fixer upper? Homes that need work can be great investments, especially if you can purchase them below market price. But stay away from upgrades that won’t add value to the home.
If a house needs major repairs to its plumbing, electrical, foundation or roof, keep in mind that fixing major flaws can really eat up your renovation budget… and these types of renovations hardly ever raise the value of the home enough to offset the cost.
When you make an offer, for your protection it is essential that the real estate contract is subject to an inspection clause. An experienced home inspector can give you a detailed and unbiased report on the home’s condition.
Next, find a reliable contractor to get a realistic idea about the scope and cost of any work required…and make sure to get everything in writing.
If you need additional cash to fund your renovation, there are a variety of loan types available… so be sure to ask your lender for details.