Things To Consider When Purchasing A Fixer Upper Home in Danbury,CT

By
Real Estate Agent with William Pitt Sotheby's International Realty CT RES.0783448

There's a lot of things to consider when purchasing a fixer upper home in the Greater Danbury,CT to live in. The right fixer upper could lead to quick quity if done properly. Please consider the following:

1. Can the home be mortgaged right now?
Some homes in need of upgrades or repairs could be in such poor state of repair it may not qualify for financing. FHA loans are very picky and some sellers may be want to take an offer with that contingency. 

2. What is the cost to repair
An experienced contractor should give you an estimate on the costs to repair. Always have a contingency fund available for any overages or unexpected property issues. Major renovations, such as kitchens & baths can get expensive. It also be be costly to take down any walls or reconfigure the floor plan. Some repairs are easy, such as painting, landscaping cleanup and replacement of light fixtures. 

3. Can you live in the home while renovations are done?

That is a big question, especially if you are selling your current home to purchase a new property. Can you stay at your current place until you can move in? Does your family situation allow you to live in a construction project while you work on your dream home? Do you have a place to cook or shower while kitchen & baths are being brought up to standards.

4. What should be done now, what should be done later?
Look at your budget and property and see what needs to be done first. Address health or quality of life, issues first such as roofs, septic and furnace before going ahead with any cosmetic improvements.  Prioritize the list of what you want to do or should do. 

5. Do you have the time to fix yourself or hire trades-professionals
Hiring reliable professionals is a sure what to can the jobs done. Ask around for referrals and do your diligence when hiring. Ask the contractor what their fee is, either by the hour or by the job. do you have the money available for labor & supplies?Running a full scale remodel plus working a full time job will be stressful. Know your limits. 

6. What is the after repaired market?
It is important not to over improve your new home for the market. As an experienced real estate professional serving the Greater Danbury area, I can provide an idea of what the home is worth once it is updated to today's market as well as estimate for rent. 

Thinking of purchasing a home? Contact Jonathan Hall with William Pitt Sotheby's International Realty.  Contact me for your home search in the Greater Danbury area. Call or text 203-417-0523 or send me email. 

Posted by

Jonathan Hall-Realtor Serving Greater Danbury & Candlewood Lake with William Pitt Sotheby's International Realty
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This information is provided by Jonathan Hall,Realtor  with William Pitt Sotheby's International Realty in the Greater Danbury & Candlewood Region of CT. For additional information, please call him at 203-417-0523,203-796-7700X305 or email me at danburyrealestate@gmail.com . Unless indicated, all content is the property of Jonathan Hall. If you would like to use any of this information, please contact me for permission. He is a licensed CT Salesperson License #RES.0783448 with William Pitt Real Estate LLC License # REB.0751698. His office is located at 112 Federal Road,Danbury CT 06811.

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Topic:
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Connecticut Fairfield County Danbury
Groups:
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All About Fairfield County, Connecticut.
Tags:
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fixer upper danbury ct
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Jonathan you raised some excellent points.  Purchasing a fixer upper may sound good, but there are many things to consider, especially point #1.  Fixer uppers are not for everyone.

Oct 23, 2020 11:01 AM #1
Rainmaker
315,219
Shannon Jones
The Shannon Jones Team - Long Beach, CA
Long Beach CA Real Estate

Fixer-uppers are not as glamorous as they seem on TV!

Oct 23, 2020 11:18 AM #2
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Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

My motto is, "If you can't afford it renovated, you can't afford TO renovate it."  I helped buyers who had stars in their eyes 10 years ago when they found a home in a neighborhood they couldn't afford that needed drywall on the first and basement floors, new flooring on the first floor and a kitchen.  The home had flooded and there was no kitchen at all.  No cabinets, no appliances, nothing.

They were drawn to it because of the low, low price.  They financed with a 203K renovation loan and spent the next 10 years tweaking the home to what they wanted it to be, going bankrupt along the way.  Just busted them out of that home.  They are my cautionary tale of big fixer upper project.  Cosmetic stuff is one thing.  Not having drywall, flooring or a kitchen is a another.

Oct 23, 2020 12:42 PM #3
Rainmaker
139,269
Kris Collis, Associate Broker
Smart Way America Realty - East Stroudsburg, PA
Professional Results you Expect 570-801-5525

Jonathan, good points, new fixer upper buyers cannot be reminded often enough of the pitfalls.  If their due diligence falls short or is insufficient, the consequences can be significant. As Shannon pointed out, TV shows the highlights, not the lowlights.

Oct 23, 2020 05:23 PM #4
Rainer
511,863
Kimo Jarrett
WikiWiki Realty - Huntington Beach, CA
Pro Lifestyle Solutions

I agree with Chris Ann, #3, yet sometimes buying a fixer could be a prudent decision for an investor.  It depends on the time line before refinancing  or remodeling to increase cash flows..

Oct 23, 2020 06:55 PM #5
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2,550
John Metz
Tropical Homebuyers - La Tijera, CA
Real Estate Investment

JONATHAN HALL Thank you for the infomation, I really Looking forward to reading articles Regaring Real Estate . 

Oct 24, 2020 03:58 AM #6
Rainmaker
2,895,508
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

I’ve never really considered getting home in Danbury but I might one day for sure!

Oct 24, 2020 05:38 AM #7
Rainmaker
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Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

I love the uniqueness of capitalizing in ALL CAPS the importance of somebody’s name. Maybe you did it by accident but it said you apart for sure as I was looking down at the comments, John Metz

Oct 24, 2020 05:42 AM #8
Rainmaker
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Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker, Blackstone Realty Group - brokered by eXp Realty - Kalispell, MT
The House Kat

These are good tips for those thinking of buying a fixer-upper. I used to spend a lot of time in Danbury (decades ago). I remember it well!

Oct 24, 2020 05:53 AM #9
Rainer
208,494
Anne Corbin
Long and Foster - Lake Anna - Spotsylvania, VA
Serving Lake Anna & Central Virginia

Great points. It's important to figure out if you are going to put more money into it than you can sell it for.

Oct 24, 2020 07:15 AM #10
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Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Hi Jonathan:

There is a lot of good advice here for those interested in a fixer upper. Those of an HGTV mindset are in for a surprise!

Jeff

Oct 24, 2020 05:22 PM #11
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Jonathan Hall

Realtor - Danbury,CT Area Real Estate~203-417-0523
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