What are the Questions I should ask when buying a Fixer- Upper?
People love to buy what we call fixer uppers. It is human nature to see a thing transform into something of value. It’s like when you see a picture of an obese girl in a gym beside a very slim woman that is labelled as “Before” and “After” some people like the challenge. Not different from real estate, when we see a home that is potentially promising with a little up and there fixing it turns out to be the perfect one; who wouldn’t grab that opportunity.
What is a fixer upper anyway? A fixer upper is a home that needs either minor or significant rehabilitation before it can be used. The term “rehab” means and also could refer that the house is a “flip” or a rental. The repairs can range from light cosmetic work, such as fresh paint or new carpet or more intensive ones such as a new roof, foundation or electrical.
Here are some of the factors that you need to consider first and ask yourself before purchasing one:
1. How bad is it? - Is it worth the cost to repaint the whole property? Does this need a lot of work during rehab?
2. Do I have the drive? - Do I have the mental preparation and skill on how to accomplish these projects- do I have the motivation?
3. Is it worth the cost? - What if I incur thousands of dollars for rehab and it sells less than what I already spent for repair?
4. Do I have the skills? - Some people especially builders will do this. But again it is not advisable if you don’t have training.
5. Do I have the time? - Time is of the essence. Fixer uppers take time!
Choosing the right home can be difficult. If you wanted to invest on fixer uppers we can definitely help you on that. Please visit our website at www.lasvegasfindahome or call Nevada Realty Connection @ 702-845-8540 look for Bill Jenkins
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