Fixer Upper or Lost Cause

By
Real Estate Agent with Keller Williams Realty at the Lakes BK3034057

ID-100230454Amazing transformations can take place when a couple buy an older home and pour their heart and soul into renovating it and turning it into a gem. If you want to try your hand at fixing up an older property that you believe is a diamond in the rough, how do you know that the property you’re buying isn’t going to cause more headaches than it’s worth? The fastest way to get all the information about what your fixer upper needs is a home inspection. Home inspections will inform you about the structures pitfalls and bonuses. But when should you walk away? Here are some tips to help you decide whether you’re ready for the financial dedication it will take to remodel and renovate a fixer upper, or whether the home is truly a lost cause. Before purchasing a home, always discuss with your realtor your intentions of fixing up the house, that way he or she can help you find the perfect house. A home inspection can only take you so far, but your realtor can help you the rest of the way.

All homes need basic maintenance to keep the structure intact and livable. But what happens when the previous owner stops maintaining the house? It depends what the owner neglected to do. If there are problems with the foundation, you could be looking at months of work and thousands of dollars of repairs. You have to decide if you have the budget for it and the patience it will take for the repairs. If you don’t have the money in your budget for it, this one is a lost cause. Crack s in the foundation are dangerous because radon can leak into your house and cause serious health problems for you and your family. But as long as the repairs aren’t too intense you should be able to repair the foundation and move onto your next project.

If the house inspector finds mold, then walls, ceilings and floors may have to go in order to get rid of the problem. this may not break your heart if you wanted to move a wall to open up a room for more space, but if the mold is significant enough that it poses serious risks to your health, then this is another lost cause. Mold is no joke and should be treated seriously. Mold can also be an indicator of water problems, possibly a leaky roof, pipe, foundation problems, or landscaping problems. This means that not only would you need to get rid of the mold, but you would also have to fix the cause of the water damage as well.

Should the house have damage due to a fire, this is your chance to change the interiors to your liking.Get all the information you can about the fire and where it spread in the house so you know exactly where the damage was, and what should have been fixed. If the owner didn’t repair the fire damage properly, you can rip out what ever they did and redo it yourself the way you want it done. The same can be said for lead paint, you can apply for government grants to help you rid the home of the paint, but this can be a lengthy process that may not turn out the way you want. In these cases you always have to way the pros with the cons, do you have the budget to deal with these problems, and are these problems you need to deal with right away before you can live in the house. If so, you should probably look for another fixer upper.

Posted by

Vanessa Franz Barnes - Broker Associate/Realtor ®

Keller Williams Realty

Cell: 407-973-2414

Search for Homes HERE 

Comments (2)

Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

A CLUE report will give buyers a clue as to the history of the property

Sep 26, 2014 12:03 AM
Karen Mathers - REALTOR®
Keller Williams Vero Beach - Vero Beach, FL
When it Matters, Choose Mathers! 772-532-3221

You present a fabulous blog of items to consider.  I hope your clients appreciate the time and knowledge you put forth when counseling on potential purchases.  You clearly have educated yourself in order to assist your clients. 

Sep 26, 2014 12:06 AM