Is a Fixer-Upper Right for You?

Finding a fixer-upper can be quite easy and they can be found everywhere, even in wealthy enclaves. What sets a fixer-upper apart is the price. They have lower market value than other houses in the immediate area because they have either been poorly maintained or have been abandoned.

Determining if a property that interests you is a wise investment will require a substantial effort. You will need to figure out what the average home in the area sells for, as well as the cost of the most desirable ones.

Experts suggest that novices avoid run-down properties needing extensive work. Instead, they recommend starting with a property that only needs minor cosmetic work - one that can be completely refurbished with paint, wallpaper, new floor and window coverings, landscaping, and new appliances. Also, keep in mind that a home price that looks too good to be true probably is. Find out why before pouring your hard-earned money into it.

When looking for a fixer-upper, some experts suggest you follow this basis strategy: find the least desirable home in the most desirable neighborhood. Then decide if the expense that is needed to repair the property is within your budget.

If you'd like help in determining if a fixer-upper is right for you, call a CBHB Agent today!