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How to buy the right fixer-upper

There is a negative connotation that usually comes with fixer-uppers. But looking at the brighter side, these homes provide you with the great opportunity to refashion it and truly make it your own! There are some crucial things to consider, though, before you make the big purchase.

Here’s what you need to do to find the right fixer-upper:

Check out the location

Whether it’s a standard home, a mansion or a fixer-upper, you cannot underestimate the value of its location. After all, you can change the home but not the location. Look for a property that’s already situated in desirable or up- and-coming neighborhoods, especially ones with good school districts and easy access to nearby commercial or retail districts. If they are positioned away from busy roads, then that would be even better.

Whether you plan on living in it or having it rented out, it’s always best to get a home in a location that will appeal to buyers in the future.

Look at the layout

A fixer-upper’s layout can tell you a lot about the flow of spaces in each area of the home. A functional layout that flows is most ideal. Since you don’t need to relocate or remove any load-bearing walls, you can avoid spending a ton of money on renovations. Some of the red flags to watch out for in a home layout are poorly located bedrooms and bathrooms, dark hallways, and dining rooms as the center of the house.

Evaluate the home’s condition

Every fixer-upper comes with its own issues, whether it’s peeling paint or moldy basements. That’s why it’s important to evaluate the home’s condition so that you know what you’ll be dealing with. With this information, you can figure out what needs to be repaired and how much you’ll be shelling out.

Get a home inspection

There’s no better way to assess a fixer-upper than to have the home inspected by a professional. A certified home inspector who specializes in fixer-uppers can tell you about any issues that may need replacing or repairing. Common issues that home inspectors look out for are mold, pests, water damage, leaking pipes, and the presence of lead-based paint.

Ask your home inspector to check for structural problems, as well. Major plumbing or electrical issues and extensive damage to the foundation, walls, and roof are just some of the structural problems that can affect your decision to buy the fixer-upper. With a home inspection, you’ll be able to decide on whether you want to handle the problem or walk away.

Estimate the cost of repairs

Repairing a fixer-upper can make a dent in your wallet, especially when it comes to labor and materials. To get an idea of how much you’ll be spending on home repairs, head to your local home improvement store and take a look at the materials you’ll need for the repair. You can also talk to family and friends who have had the same repairs done to their homes.

For a more accurate estimate, find a contractor who can walk through the house and give you an estimated price for all the needed repairs.

Find the best fixer-upper for your real estate goals with the help of the Lauderdale Morrow Realty Group, the best real estate agents in Athens, GA. Get in touch with us today at 706.534.2289 or email kenlauderdale@gmail.com. You can also learn more about us and how we work here.

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