Question:   Where can I find a great Metro Detroit fixer-upper that is a great deal?

Answer:   First let’s define a fixer upper.  It is a home that is priced below market and needs TLC.  It needs work and money to make it your home.  You can find fixer-uppers in most Metro Detroit communities.  Even wealthier neighborhoods like Birmingham, Northville, and Grosse Pointe have fixer uppers.  Finding one that makes financial sense takes work and time.

Buying a Metro Detroit fixer upper requires some savvy.  You need to know the costs of bring that property up to good condition.  There is no sense in buying a $70,000 Livonia home and putting another $50,000 into it.  Only to realize it is worth a $100,000.  You would have but $120,000 into a home that is worth $100,000.  You could probably pay $100,000 and get a move in ready home without all the work.

The key is to figure whether the property you're interested in is a wise investment.  It takes some work and financial accounting. You need to figure what the average house in a given area sells for, as well as what the most desirable houses in that area are like and what they cost.

The smartest buys in fixer uppers are homes that are so ugly that people won’t buy them.  They are the simple homes to bring up to move in condition.  So try to find a "cosmetic fixer" that can be completely refurbished with paint, wallpaper, new floor and window coverings, landscaping and new appliances. You should avoid run-down houses that need major structural repairs. When you have to get into kitchen remodeling, roofs, basement repairs those are costly fixes.  A house price that looks too good to be true probably is. A smart Metro Detroit buyer will bring experience professionals to look at  it before buying it.

The best strategy for a fixer-upper is to find the least desirable house in the most desirable neighborhood.  Then calculate the expenses needed to bring the value of that property up to its full potential market value.  Then figure out if you have the money and whether it is financially smart to buy the home.

If you are interested in Metro Detroit homes for sale, please give me a call or email me at yesmyrealtor@gmail.com

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