Buying a Fixer Upper
Buying a house which needs some work is a challenging but rewarding way to add some "instant equity" to your home purchase. Whether you are buying a home and hoping to get more house for your money, or hoping to make a profit as an investor, the right fixer-upper can be just the property for you.
There are several things you should consider before buying a fixer upper. Cost of the needed repairs, potential market value of the renovated home, anticipated use (home or investment), and the required time investment are a few of the most important.
Our handy home renovation cost calculator can give you a rough estimate of the repair costs for a particular property. However, it is always a good idea to have a home inspector or contractor (or better yet, both) review the property before you are locked into a purchase contract.
A Realtor® can help you figure the potential market value of the renovated property.
It is obvious that renovation will require an investment of your time if you are planning to do some of the work yourself. However, even if you plan to pay someone else to do all of the work, don't underestimate the time it will take to schedule and supervise the repairs.
Visit our Homeowners and Investors pages for information pertinent to your particular situation.