Who doesn’t want a house that is theirs from top to bottom? Yes, we are talking about a fixer-upper. These are properties that need renovation before you could think of moving in or selling it. The best part about fixer-uppers is that their value is not affected by the real estate market. However, to maximize your profits from this purchase, you need the right property.
What does an ideal fixer-upper look like?
An ideal fixer-upper is a house that is the dream of every house owner. It is the diamond in rough, meaning that all it needs is some renovations, and it can rake in profits. These properties have obvious blemishes like peeled paint, date fixtures, worn carpets, and more than most first-time buyers can’t see past.
Factors that should affect your purchase
The right ideal fixer-upper brings you profits the day you close the sale. This is without considering the profit from a resale. However, remember, not all homes are worth the investment or makeover. Here are some factors you should consider when purchasing a fixer-upper:
The first factor that affects the appeal of a fixer-upper (or a regular property, for that matter) is the location. You don’t want to buy a house in a place that’s always crowded; in fact, fixer-uppers in this area can go down in value when it is up for sale. Go for up-and-coming neighbourhoods, instead.
The next factor is the layout of the house. Choose a place that has a great floor plan. Avoiding this can lead to impractical renovations involving moving walls. Furthermore, look at the number of bedrooms (and bathrooms) in the house. The more rooms you have, the better price the property will yield in the future.
Some houses are beyond repair. These properties are in bad condition, requiring expensive repairs like issues with HVAC, foundation, plumbing, roofing etc. In this case, go with your budget. Are you comfortable with only cosmetic and least expensive fixes? Or can you afford more costly ones?
Home inspection for fixer-uppers
Once you have considered the three factors mentioned above, the time comes for an expert to tell you if your decision was smart or not. Yes, you need a home inspection in Gadsden. This is necessary and should cover things like the roof, HVAC ducts, electricals, plumbing, sewer lines, exteriors, foundation, along with looking for pest infestation.
Buying a fixer-upper can be the best decision you could make, provided you have chosen the right property. When choosing a house, make sure you consider its location, condition, and layout and check if it matches your budget, needs, and future plans. Moreover, don’t skip the home inspection to avoid making the wrong purchase.