When All of the Right Things Are Wrong
Falling in love with a fixer-upper is awfully easy when it’s advertised as simply “needing a little TLC.” But, hold off just a bit on falling head over heels for the home until you have done all of your homework. It’s exceptionally important to consult with local real estate agents, conduct a full home inspection, and bring in professional contractors before making any final, costly decisions.
- Real Estate Agents can assist in finding comparable homes in the neighborhood, what they sold for, and any updates completed within those homes. This will give you a better understanding of how much money you can invest in the home before you over-improve for the neighborhood, a HUGE mistake you want to avoid if you plan to re-sell in the future.
- The home inspection is an important factor, as it allows you the opportunity to learn the ins-and-outs of the home and helps detect any major deficiencies, thus allowing you to make a better-informed financial decision.
- Bringing in licensed contractors before attempting any DIY project is always a sound idea as they can assess how much time, work, and money you could potentially invest into updating and repairing the house. Plan to have an additional 10%-20% of your overall budget in reserves to cover unforeseen problems that may arise during the renovation process.
If the right things are wrong with a house, you could not only turn it into your dream home but also earn serious equity in the process.
- Taylor Jobes (Realtor® and Listing Coordinator)