Things To Consider When Purchasing A Fixer Upper Home in Danbury,CT

There's a lot of things to consider when purchasing a fixer upper home in the Greater Danbury,CT to live in. The right fixer upper could lead to quick quity if done properly. Please consider the following:

1. Can the home be mortgaged right now?
Some homes in need of upgrades or repairs could be in such poor state of repair it may not qualify for financing. FHA loans are very picky and some sellers may be want to take an offer with that contingency. 

2. What is the cost to repair
An experienced contractor should give you an estimate on the costs to repair. Always have a contingency fund available for any overages or unexpected property issues. Major renovations, such as kitchens & baths can get expensive. It also be be costly to take down any walls or reconfigure the floor plan. Some repairs are easy, such as painting, landscaping cleanup and replacement of light fixtures. 

3. Can you live in the home while renovations are done?

That is a big question, especially if you are selling your current home to purchase a new property. Can you stay at your current place until you can move in? Does your family situation allow you to live in a construction project while you work on your dream home? Do you have a place to cook or shower while kitchen & baths are being brought up to standards.

4. What should be done now, what should be done later?
Look at your budget and property and see what needs to be done first. Address health or quality of life, issues first such as roofs, septic and furnace before going ahead with any cosmetic improvements.  Prioritize the list of what you want to do or should do. 

5. Do you have the time to fix yourself or hire trades-professionals
Hiring reliable professionals is a sure what to can the jobs done. Ask around for referrals and do your diligence when hiring. Ask the contractor what their fee is, either by the hour or by the job. do you have the money available for labor & supplies?Running a full scale remodel plus working a full time job will be stressful. Know your limits. 

6. What is the after repaired market?
It is important not to over improve your new home for the market. As an experienced real estate professional serving the Greater Danbury area, I can provide an idea of what the home is worth once it is updated to today's market as well as estimate for rent. 

Thinking of purchasing a home? Contact Jonathan Hall with William Pitt Sotheby's International Realty.  Contact me for your home search in the Greater Danbury area. Call or text 203-417-0523 or send me email.