Buying a home in need of some TLC can be a great way to save money in today’s housing market. A fixer-upper can either be a diamond in the rough and a great purchase or it can be nothing but a headache. As the premier real estate agent for homes for sale in Springfarm Yorkhill, I would like to offer these tips to ensure that your fixer-upper is a sound investment that you can enjoy for years to come.
Look at the Neighbourhood
The neighbourhood that you are considering buying in can be a determining factor on whether your fixer-upper offers good value. A run-down house in a good neighbourhood is always a good investment, but that same house in a run-down neighbourhood is not such a good purchase. Before making any final decisions, spend some time in the neighbourhood to see if it is right for you.
Here’s the deal:
Sometimes the best value can be found in up and coming or developing neighbourhoods. Talk with your real estate agent about some of these less known neighbourhoods in your community. Springfarm Yorkhill is an excellent neighbourhood to buy a fixer upper if you can find one.
When purchasing a home, a professional home inspection is always money well spent. This is especially true when purchasing a fixer-upper. A thorough inspection will tell you the condition of:
- The home’s electrical and plumbing systems.
- The heating system.
- The exterior, including the roof as well as the downspouts and gutters.
A home inspector may not be able to tell you the structural integrity of the home. To gain a better understanding of any damage it is recommended that you hire a general contractor.
The types of renovations that are required will ultimately determine if a fixer-upper is a good investment or if you should walk away from the property. Generally speaking, there are two types of home renovations – cosmetic and structural. Cosmetic renovations or repairs are less expensive and far less time consuming. These types of renovations include:
- Indoor and outdoor painting.
- Replacing or adding baseboards and trim.
- Refinishing floors or laying tile, carpet or laminate flooring.
- Replacing bathroom subfloors, toilets and sinks.
More costly structural renovations include:
- Damage to the foundation of a home due to water or soil erosion.
- Replacing the furnace.
- Full kitchen or bathroom renovations.
- Removing interior walls to open up spaces or expand rooms.
- Building a garage or adding an addition.
These tips will help you decide if this type of home is a good investment or just a never-ending list of problems. If you are interested in other tips that will aid in your decision, determine the value of a fixer-upper or would like to see some of the new and exciting homes that are available in the Springfarm Yorkhill area, please contact me today. I look forward to seeing you soon.