The Do's and Don'ts of Buying a Fixer Upper

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The Do's and Don'ts of Buying a Fixer Upper
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The Do's and Don'ts of Buying a Fixer Upper

• Purchasing a fixer upper house can be a great
  real estate opportunity if you do it right, but
  it can be disastrous if you do it wrong.
• You want to make sure that you take all the right
  steps and are motivated by the right reasons
  before you decide to invest your time and money
  in a home that needs a lot of attention to make
  it habitable and desirable.
• If you are wondering, "Should I buy a fixer upper
  house," here are a few do's and don'ts to
  consider.

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Steps to be Followed

• Do
• Get a thorough home inspection.
• Get multiple repair estimates.
• Look into a renovation mortgage.
• Don't
• Buy it just because the price is low.
• Expect to make a big profit.
• Underestimate potential problems.

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• Do
• Get a thorough home inspection.
• Get multiple repair estimates.
• Look into a renovation mortgage.

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1.Get a thorough home inspection

• A home that needs work is a costly investment,
  and you want to make sure you know everything
  there is to know before you put your money down.
• Your agent can put you in touch with a quality
  home inspector to go over the entire home so you
  don't miss any important details.

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2.Get multiple repair estimates

• You definitely want a professional opinion on how
  much you will need to invest to make the
  necessary repairs and updates a fixer upper
  needs.
• And you don't just want one professional opinion,
  you want several. Some contractors may quote you
  prices which are exaggerated in one direction or
  another, and getting multiple estimates will help
  you arrive at a more accurate figure.

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3.Look into a renovation mortgage

• There are mortgages specifically for people
  looking to purchase homes that need work.
• These can offer you the money you need to raise
  the value of the home and make it a worthy
  investment.
• Talk to your realtor about finding the right
  mortgage and the right lender for your fixer
  upper.

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• Don't
• Buy it just because the price is low.
• Expect to make a big profit.
• Underestimate potential problems.

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1.Buy it just because the price is low

• Sometimes a shockingly low price tag is a warning
  sign that a home is a lost cause.
• If you mistakenly put your money down on such a
  home, you are likely to lose it or end up
  spending much more then you should to make the
  home worth anything to anyone.
• Make sure you have a talented professional by
  your side to warn you of potential bad
  investments like this.

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2.Expect to make a big profit

• Some people are fortunate enough to make a big
  profit when they buy a fixer upper and put in
  some work, but this doesn't happen for everyone.
• In fact, it is more likely that you will get
  little or nothing in the way of profit out of
  your fixer upper.

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3.Underestimate potential problems

• Remember that a fixer upper is a house in need of
  work, and that the further into it you get the
  more problems you are likely to find.
• Make plans for unexpected problems to come up and
  cost you more money, and you are less likely to
  end up with an unpleasant surprise that you can't
  manage.

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