There are questions you need to ask yourself before buying a fixer-upper. These need to be answered before you jump in feet first. Crossing your t’s and dotting your i’s is in your best interest.
Finding a darling home in a state of disrepair presents a lot of unknowns. Even a house that looks in top shape can have many underlying problems. Some of these issues are small, and some can break the bank.
What Are The Issues With the Property?
You’ve found the quaint home with a busted-up white picket fence, but what other problems does the house face?
If the market is hot and you want to make an offer, be sure to have a contingency clause for inspections. If the issues are astronomical, you’ll still be able to walk away and look for a different house. Whatever problems the report exposes, you’ll be able to make an educated decision.
Many people have different definitions of what constitutes a fixer-upper. One person’s perception is that they will only need to paint the walls. That is not a fixer-upper.
Here at Beltway Builders, we’ll give you some guidance. We’ll help you get your answers to questions before buying a fixer-upper.
More Questions Before Buying a Fixer-Upper
Buying a new property is exciting and stressful. The first consideration should be location, location, location. Is it in an up-and-coming neighborhood? One school of thought is to buy the most run-down house in the best area. Are schools a serious consideration? They might not be for you but can factor heavily into resale value.
Some sellers have a home inspection done before listing their home, so they know what’s what. Include a home inspection in your offer if that isn’t the case. That way, you won’t get stuck with massive repairs you didn’t anticipate. An inspector will check all the major items and the small ones as well. They’ll climb down in the crawl space and go up on the roof. Can you handle some of the repairs yourself? Be realistic. Some jobs make sense to let the professionals tackle. Suppose there are plumbing, roofing, or electrical repairs. In that case, it’s best to hire a licensed contractor unless it’s your field of expertise.
We, at Beltway Builders, can meet you at the house, go over the inspection report and give you an estimate.
Keep in mind that you need some cushion in your budget for nearly impossible items to predict. You don’t want to buy a great fixer-upper only to end up house poor. Besides setting money aside for repairs, everyone needs to have pizza money at the end of the month.
Now That You’ve Bought Your Fixer-Upper
Now that you’ve bought your home and have the answers to the questions before buying a fixer-upper, you’re ready to start construction.
Work by professionals doesn’t happen overnight. There are no magic wands contrary to what reality shows would like you to believe. Be prepared to have some minor setbacks while bringing your new property to its finished state.
The pros at Beltway Builders take our construction timelines very seriously. We will keep you informed every step of the way. We’ll treat the restoration of your home as though you were family. Call Beltway Builders now for the partner you need to make your dreams come to fruition.