Fixer upper houses have permeated the real estate market matches your tastes, and for good reason.
A house that requires considerable maintenance work like redesign, redecoration, renovation or reconstruction might be something that, but will require you to invest a lot of time, money, and energy into it. On the other hand, buying a fixer upper in a good neighborhood and turning it into a jaw-dropping residence is every investor’s dream. Here’s how you can go about buying a fixer upper.
The Locality in real estate, the location of the property determines the resale. The same holds true for a fixer upper. Search for a fixer upper situated in a popular locality; stay away from fixers located next to schools, power plants or busy streets.
The Design you will be spending money, effort, and time on a fixer upper, so go for one which is attractive to the vast majority of buyers. For example, purchasing a 3-bedroom fixer with 2 bath rooms is an ideal choice as people looking for 2 bedroom houses would definitely buy a house with an extra room. People like 3 bedrooms with two baths. When possible, if there is space available try to work in another bath, they sell quicker. Of course, this step depends on your budget; don’t think that 2 bedroom fixers are useless. They aren’t! I have seven 2 bedroom homes with one bath that stay rented.
The well planned residences are efficient and offer a good resale. In the same way, look for a fixer which has a good layout. For example, avoid fixers which have rooms that you must go through to get to another room. Kitchens and bathrooms are where the money is, upgrade them the best you can afford. You will receive more when you sell and the property will move quicker.
You must consider the condition of the fixer upper you want to purchase. This again depends on your budget and the amount you are willing to spend. Determine whether a major renovation is required or just a little touchup here and there. Before you make the final purchase, it’s recommended you get it inspected by a licensed home inspector. They will save you more money than the cost.
JC Underwood is the executive director at the Metrolina Real Estate Investors Association, which provides education, mentoring, and networking for real estate investing in the Charlotte region. He can be contacted at jcu@MetrolinaREIA.org. For more information, visit www.MetrolinaREIA.com