TIPS IN PURCHASING A FIXER UPPER
A homebuyer who does not want to be influenced by the real estate market’s temperature usually wants a fixer upper. This type of property costs less than any other around it. Yet, always remember that the purchase of a fixer upper can either be a success or a failure.
To make your purchase a good one, you should choose the right property and learn how to evaluate any repairs done to it already. You should also get a credible inspector or a group of reliable inspectors to help you spot the areas that need more improvement. Below are some tips in making your fixer upper purchase a successful one:
1. Consider the location. It is best to look for fixer upper properties in areas still undergoing development. This is so that you could see how well it is maintained or if it is still occupied by the owner.
2. Be on top of the inspections.
Pest inspection. If the area you chose has issues with ants, beetles, or termites, you should hire a pest inspector immediately. You should base your bid on the inspector’s evaluation and the repairs the seller paid for.
Sewer inspection. Old properties have old sewer lines and septic tank. Have them checked out by licensed and experienced sewer inspectors. It is always better to have a functional septic system before you decide to bid.
Roof inspection and certification. It is best to get a roof certification from the seller to determine the condition and the age of the property’s roof.
2. Consider reports from a previous engineer. This professional can tell you about the geology of the property and the natural dangers in and on it. The engineer could also give you more information about risky resale dangers, nearby landfills, and contamination reports.
3. Look at the layout. See if the flow of the property’s layout fits your needs. A bad layout usually requires expensive renovation.
A dream house can come in any form. Finding the right fixer upper may be challenging, but it can surely make the effort worthwhile.