It is amazing to see the equity that can be gained for homeowners or investors who are willing to put in the work to renovate a fixer-upper. If you are considering the financial benefits that are available for your family, it is essential that you understand what you are getting into when you buy a home that needs renovations.
The benefits of a fixer-upper are that you can tap into the charm of the home, and still have the opportunity to customize the features and details to match the needs of your spouse and children. Here are a few things that to consider to increase the likelihood of success in your endeavors:
Hire an Inspector
You might be able to see that the home needs aesthetic upgrades, such as new flooring and paint. But, there could be structural problems that can’t be seen during your walk-through.
Make sure that you hire a home inspector to look at the details of the property, helping you understand the big renovations that will need to be addressed. An inspector will look at details such as the quality of the roof, the safety of the electrical system, and whether the plumbing is in good condition.
Work with the Professionals
Some of the renovations might be great do-it-yourself options, such as designing the flower beds or painting a fun mural on the wall of the playroom. But, don’t undertake big renovations without tapping into the experience of a professional contractor.
For example, you could be setting yourself up for failure if you attempt DIY electrical or plumbing work. Also, you need to be sure that you bring in an experienced team who will get the job done right. For big jobs, it can be beneficial to hire an architect to manage the load-bearing walls and floor plan changes.
Compare Other Properties in the Area
Don’t overlook the many resources that are available through your real estate agent. Look at the comparable homes in the area, so that you can estimate the equity that might be available for your investment. If you plan to invest $50,000 for home renovations, but your value will only go up by $30,000, then you might pass on the opportunity and look for a better investment property.
A good Atlanta real estate agent will be familiar with the industry, and they can make recommendations to help you learn more about your options. This information can be invaluable, giving you the foundation that you need to maximize your equity. Additionally, real estate agents are usually well-connected in the industry and can provide recommendations for contractors and other professionals who can help with the service.
If you are planning to buy a fixer-upper, then make sure that you hire the best real estate team to help: DUFFY Realty. We are the leading real estate group in the area, and our team would love to offer the assistance that you need. Call to learn more: (678) 318-1700