Investing in a Fixer-Upper: What You Need to Know

Reblogger Jerry Newman
Real Estate Agent with Brown Realty, 210-789-4216,www.JeremiahNewman.com TREC #0492321
https://activerain.com/droplet/4ZDR

This article by Diane Beaumont gives some excellent advice for all those thinking about investing in fixer-upper properties, and getting into the flipping market. It's not as easy as it appears on those Reality TV shows. Investors need to do their homework, and know their bottom line. Be sure to get all the facts before you invest. There's profit to be made in Fixer-Uppers, but you need to proceed with caution.

Original content by Diane Beaumont NMLS# 247026

Thinking About Buying a 'Fixer Upper'? Here's What You Need to KnowWith all of the home renovation and fixer-upper shows on television, the idea of completely renovating and re-doing an old home can seem like an enticing premise. Unfortunately, investing in the wrong fixer-upper can mean an awful lot of expenditure without the added financial rewards. Whether you're considering investing down the road or you're ready to dive in, here are a few things to consider first.

How Much Do You Want To Spend?

It's easy to be swept away by possibility. But before making an offer you'll need to sit down and determine exactly what you're willing to invest into upgrades for your fixer-upper. By deciding what you would want to renovate, what the cost of materials and labor would be and how this figures into the market price of the home, you'll be able to determine if the price you're offering will be worth it.

Are Major Repairs Required?

It's one thing to consider a nice paint job and new tiling in the kitchen. But if there are serious problems with the home, it can create huge financial issues to put money into it. Because foundational issues or water damage throughout the home can be expensive items to repair and will take time and resources, fixing these issues may cost more than the money you'll make. If you're uncertain about what you're getting into, it may be a wise decision to bypass the investment all together.

Are You Willing To Work?

Most home fixer-uppers that people buy can be financially lucrative because the buyer is interested in doing a lot of the work themselves. However, if you're thinking of hiring people to do the work for you, this can end up costing a lot more money and eating any profits the renovations might have created. It's also important to realize that renovations can go over budget. Instead of being idealistic about a fixer-upper, be certain it's what you really want so that you're not stuck with a home you don't want to invest your efforts into.

The idea of digging in and getting your hands dirty with purchasing a fixer-upper may be endearing, but if you're not truly prepared for the responsibilities it can be a drain on your time and finances.

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Topic:
Home Improvement
Location:
Texas Bexar County San Antonio
Tags:
fixer uppers
remodeling homes
investing in fixeruppers

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Rainmaker
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Will Nesbitt
Nesbitt Realty at Condo Alexandria - Alexandria, VA
Nesbitt Realty is a family-run brokerage.

Talk to Real Estate Agent with Brown Realty, 210-789-4216,www.JeremiahNewman.com Jerry Newman (210) 401-1812 around San Antonio, TX.

Feb 16, 2017 08:13 AM #1
Rainmaker
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Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Hi Jerry... great reblog... so many people have totally the wrong idea of what this entails and then get a nastly surprise when they decide to flip.

Feb 16, 2017 01:46 PM #2
Rainmaker
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Sheri Sperry - MCNE®
Coldwell Banker Residential Brokerage - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

HI @Jerry, this is a good re-blog that needs to be looked at closely when investing in a fixer.

Feb 16, 2017 02:41 PM #3
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Jerry Newman
Brown Realty, 210-789-4216,www.JeremiahNewman.com - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Thanks for the Shout Out, Will Nesbitt Have a Wonderful Week!

Feb 19, 2017 07:13 AM #4
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Jerry Newman
Brown Realty, 210-789-4216,www.JeremiahNewman.com - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Yes, Nina Hollander It's not always as easy as it seems on those Realty TV shows.

Feb 19, 2017 07:14 AM #5
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Jerry Newman
Brown Realty, 210-789-4216,www.JeremiahNewman.com - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Yes, Sheri Sperry - MCNE® I know many agents who love to invest, but investors need to know and to understand all the pros and cons for those fixer-uppers.

Feb 19, 2017 07:15 AM #6
Rainmaker
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Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Jerry Newman ~ hi Jerry... hearing really bad weather reports for your end of Texas this morning... I hope you are ok and not in the path of it all.

Feb 20, 2017 05:22 AM #7
Rainmaker
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Roy Kelley
Realty Group Referrals - Gaithersburg, MD

This is excellent selection for a reblog and great information to share.

Mar 10, 2017 05:59 AM #8
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Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good Morning Jerry - this re blog by Diane is a reality check for wanna be home flipper.  HGTV makes is sound so easy.

Mar 16, 2017 07:53 AM #10
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Jerry Newman
Brown Realty, 210-789-4216,www.JeremiahNewman.com - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Thanks, Roy Kelley Many folks want to buy these fixer uppers, but are not always prepared for all that's involved.

Mar 16, 2017 11:26 AM #11
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Jerry Newman
Brown Realty, 210-789-4216,www.JeremiahNewman.com - San Antonio, TX
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Yes, Grant Schneider TV shows do make it seem so simple, but if it was that easy everyone would be doing it.

Mar 16, 2017 11:27 AM #12
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