What to look for when Buying a Fixer Upper?

Here are some things to look for when buying a fixer upper

Buying a fixer upper

Buying a fixer upper can be great investment and a more affordable option. Fixer uppers typically require more repair or renovations. However, with the money you save by buying a fixer upper instead of a house that does not require very many improvements, you can design the house the way you want it. This makes buying a fixer upper much more appealing to buyers who want to make a house theirs.

If you are looking at buying a fixer upper so that you can flip the house for a profit, just be aware that not every fixer upper is going to be a great deal. There are houses out there that can wind up being huge money pits. These money pits could cause you to dump more money into fixing up the house then was intended. Thus, it could result in a net loss for you especially if the house value does not increase accordingly. Fortunately, there are some ways to buying a fixer upper that will help you avoid those money pit houses.


–> Check out real estate listings online.


What should you look for when buying a fixer upper to invest in?

Location, location, location is key. Buying a fixer upper in a highly desirable neighborhoods tend to be great investments. Buying a fixer upper in a neighborhood that is riddled with criminal activity or that is not showing growth is a good way to throw your money away, no matter how beautiful the house may appear to be. Just make sure that your fixer upper is in a neighborhood that has a higher buyer demand.

Floor Plans are a big deal to most buyers. If there is no bathroom on the main floor and the kitchen is located on the second floor, it might not be a very desirable floor plan for potential home buyers. Correcting these types of issues can run up a rather large tab that you might not be able to recoup when it comes time to sell. This type of floor plan would be a good one to pass on especially if you are wanting to maximize your profits.

Bedrooms and bathrooms are a good thing to look at when buying a fixer upper. Keep in mind who is going to be buying this house when you are done. A one bedroom and one bathroom house can be a bit more difficult to flip then a three bedroom and two bath house.

Buying a fixer upper

Condition of the house really does matter. Yes, buying a fixer upper is finding a house that needs repairs. There is a big difference in needing to be gutted or have foundation repairs needed and finding something that needs some fresh paint and new hardwood floors installed. Some repairs can really cut into the profits you are looking for when flipping a house. The biggest things to look for are: roof, foundation, electrical and appliances. If you see that one of these three are not in great condition it might benefit you to pass and move on to the next opportunity.

 

No matter what your end result is for buying a fixer upper (rent out the house, live in it yourself or flipping it for a profit). Just keep these four things in mind as you shop around for your next project.

If your looking at buying a fixer upper, call us today! (720) 593-0223

Buying a fixer upper with Facebook Buying a fixer upper with GooglePlus Buying a fixer upper with LinkedIn Buying a fixer upper with WordPress Buying a fixer upper with Pintrest Buying a fixer upper with YouTube Buying a fixer upper with Twitter

Tags: , , , , , , , , , ,

Leave a Reply

You must be logged in to post a comment.