Fixer upper homes used to have a special draw for people who love to work on old homes but now it has become a major player in the foreclosures market
. These types of distressed homes can truly be had for a very low price but you need to be careful so that what you save in paying for a low contract price will not be used up for repairs.
The key to striking great deals on fixer upper homes is careful picking. As a buyer of a fixer upper on has to have the eye for what the home will look like after the fix. A lot of buyers cannot see beyond peeled paint, sagged ceilings or cracked floors so a perfect fixer upper is the home that turns the eye after repair but have been inconspicuous before it.
What to Search For
Whether you plan to reside in your fixer upper or resell it for profit, location can make a big difference. It is always best to steer clear of high traffic areas and busy streets lined with condos and apartments. You want your home to stand out in a good neighborhood with manicured lawns and picket fences where other fixer upper homes have joined the community of owner-occupied properties.
The size of fixer upper homes you should look into should cater to single-families. This segment of the market usually prefers three bedroom homes with two baths. You should also consider the layout of the floor, the location of the rooms, entrances and exits. Finally the home you choose should correspond to your level of expertise, the cost and availability of experts to help you in your project. The superficial repairs are the easiest to spot and fix, you want to enlist the help of a professional home inspector to check the roof and the walls for pest, the electrical and sewer lines and engineering inspection.