Buying A Fixer Upper Home

Purchasing a fixer upper home is something most of us have thought about at one point or another

. Bottom line is that there is no guarantee that you will make your money back. In this article we will look at a few fundamentals to consider before purchasing a fixer upper home. We will also look into several projects that tend to benefit the value of a home. By the end of this article you should know things you need to take into consideration before you jump into a project that will take up a lot of your time and money.

First drive around the neighborhood and research what the average value of the homes are. Check into the school system, cleanliness, community functions or area attractions that will invite a future buyer to consider your home for purchase. Also make sure you are aware of what each remodeling task will cost and what has to be done to the house in order to make it an appealing home to the buyer.

Painting is a cheap way to update a home but it is going to take a lot more than a little color to turn a fixer upper around. Do your math and make sure that the price of the house, cost of the updates, and closing costs will not be more than the selling price of the house. Visit several homes in the area that are for sale and look to see what kinds of materials are used in the homes. For example, if you want to redo the counter tops in the kitchen and are thinking about going with laminate but majority of the houses have granite that may be an update that can work against you.

If you are planning on living in the house for some time than investing a little more would be worth it since you will be getting use out of the updates. Most of the time when you look at a house people ask about the kitchen, bathrooms, and of course the master bedroom. These areas are where you will make the biggest impression and although costly they will usually pay for themselves. Do not be afraid to add granite counter tips, redo the cabinets or update the appliances. When people are looking for a home they want to purchase a place with those costly extras already included.

Your fixer upper does not need the upgrades of a model home, but should have the presentation of modern and new. Also, another wise investment would be to add on additional rooms. The bigger the hoe the higher you can price it! Swimming pools are a waste since many people look at it as maintenance cost, also the same goes for an office or sitting room. It may be fun to have but not a necessity that will help you create a profit.

Look for a fixer upper that needs "plastic surgery" and not full out repair. Refinishing floors, cabinets, appliance updates, and a few splashes of paint are generally all you need. Also since everything is green these days install energy savers such as water timers, light bulbs, and time controlled heat/A.C. control panels. Simple things such as putting blinds on all the windows is helpful so the buyer won't feel the need to have to spend money covering all of the windows right away.

Do your research before purchasing a home that needs a lot of work, especially if you are looking for a quick turnaround. What type of demographic are you trying to appeal too? Think about what you would like to see in a home if you were to purchase it. Shiny new appliances, a little paint, and some refinishing can go pretty far. They will go even farther in a great community that has a decent school district.

by: Kevin Rockwell

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