Buying a fixer-upper can be a great way to choose a basic property and turn it into the perfect home for your family. Whether you want custom finishes to create the lifestyle that you deserve, or you are looking to fix it and flip it, you need to know what you are getting into before you make the purchase.
Most homeowners or investors don’t have the skillset to handle all of the renovations without the help of a few contractors. If you have experienced professionals on your team, then you can reduce the risk of problems during the renovations. Here are a few people you need to talk to if you are going to buy a fixer-upper:
Real Estate Agent
How do you know if the home is going to be worth the investment? Talk to a real estate agent who can look at current market prices and comparable properties in the area. Never put money into a home if you can’t sell it high enough to recover the investment. Not only do you need to consider the cost of the purchase, but you also need to look at the money that will be spent on remodeling.
Your real estate agent can help you look at a realistic outlook for your investment. Together, you can crunch the numbers to see if you should buy the home. If there is too much of a risk, then you might skip this property and continue looking for another option.
Has the home been sitting empty for a while? Then it is likely that you will need to use the services of a pest control team. Hire an expert to complete an inspection. This meeting enables you to know the extent of the infestation and the anticipated cost of the pest control services. Consider the costs for the exterminator, as well as possible repairs for damage caused by the rodents or insects.
If you want to update the kitchen and bathrooms, then a general contractor can step in to help. Most fixer-uppers need work in these rooms. Talk to the contractor to put together a scope of work for the project. You have the flexibility to choose the finishes and details, enabling you to create the home of your dreams. Many times, it is possible to update the cabinets, floors, fixtures, and walls without ripping everything out and starting from scratch. Renovations instead of a full remodel will help you save money.
Plumbing and HVAC
Don’t neglect the quality of the pipes and HVAC system. Any leak in the pipes or faucets could lead to serious water damage. So, it is important to bring in a pro to help. Also, have the HVAC system checked for efficiency and safety, helping your family maintain a comfortable climate after you move in.
There are many opportunities available if you are ready to invest in a home that needs renovations. If you are looking for the right property, then you need to talk to our team at DUFFY Realty: (678) 318-1700