Should I buy a fixer upper??

Should I buy a fixer upper??

There are many levels of "fixer-uppers" out here. Some could be a full "gut job" and others could be very light and just needing cosmetic "surgery". I tell people depending on what "category" you fall in you need to look at the big picture. Be aware of the foundation, the roof, the exterior (is it maintenance free), the mechanicals(furnace, hot water heater and electrical) of the home. Does the house have good "bones"? If ALL of the above is satisfactory, everything in my opinion is just cosmetic fixes. You need to have a working knowledge of where to find and negotiate these houses.

Some people can take on projects that most of us can't or won't do. We're looking for the best deal out there so we scour the internet, local MLS and 3rd party sites looking for the elusive deal. Once you've secured the transaction you will need to get an inspection report of the different systems in the house. There are times a report can be used as a road map as you bring the house back to it's former glory. It all depends on what you paid for it. You may want to keep your costs down as you use "sweat equity" in lieu of paying a professional. There are lots to learn but in the end use a professional. It's well worth the money and less of your frustration. One of the most important parts in the equation is your time. Do you have the time to devote to the project? Do you work a full time job? If you’re just a week ender you need to take that into consideration. I get this question from many a budding investor. Will I make back the money I put in? What is the return on my investment (ROI)? This is something to not jump in lightly. You need to do your homework BEFORE you spend your money. After you have a few under your belt the process will become much easier.

Align yourself with a professional realtor to guide you thru from the beginning to the end. Ask questions (lots of them) and never be afraid to ask(even the dumb ones). One of my favorite sayings is "there is no such thing as a dumb question in real estate". It tends to keep you out of court. Hopefully the agent you have will have the patience you need to help you navigate thru the process. You know when you have the "right" one when you do multiple deals and that person keeps your interest first and foremost. Remember real estate is cyclical. It's like riding a roller coaster. You need to get in on the right time and enjoy the ride. If you have any questions or concerns let my years of knowledge and experience work for you.