Buying A House That Needs Work

Buying A House That Needs Work

Fixing a home up can take a lot of work, but can be worth it.
A fixer-upper can be a great buy. With the right amount of TLC, you can update, renovate and repair your house, getting maximum return for sweat equity.  Buying a fixer-upper isn't an easy decision, but it can be a smart one.Use these tips to help you choose between a home that needs a little TLC and one that's in top condition:
  • This Old House suggests first adding up the costs to renovate the property based on a thorough assessment of the condition of the house. Be tough with this estimate, which should include all materials and labor. Next, subtract that from the home's likely market value after renovation. Then deduct at least another 5 to 10 percent for extras you decide to add, unforeseen problems and inflation. What's left should be your offer.
  • What problems does the house have? Although many things can be replaced or fixed, there are a few problems that will require more work than the home is worth. Think twice about buying a home that has mold, foundation problems or a poorly designed setup.
  • Can you handle the repairs? Hiring others to take care of them is going to cost you more money. You also need to consider if you'll have to find somewhere else to stay while working on your fixer-upper.
  • Do you have extra money available? You might have some surprise problems that weren't detected during the home inspection.
Still having trouble deciding whether buying a fixer-upper is right for you? Stop by Wilkinson ERA for expert advice.


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Phone: 704-957-0323
Dated: October 14th 2014
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