Is It Smart to Buy a Fixer Upper?
The thought of buying a fixer maybe exciting to some, horrific to others. But if you are in the mind set of the first one, there are some ideas and tips to keep in mind when setting out to buy a fixer.
A fixer to a buyer and a fixer to a real estate agent is usually two different things. When a listing is posted as fixer, it pretty much means the agent had no other choice but to classify a home this way. If they had the choice they would want to rate it higher but with too many issues on the surface, an agent must rate the house as such.
A Fixer property will usually require some major work and repairs to get back to a decent condition. Here are some tips to keep in mind when looking for a fixer in the Walla Walla real estate area.
- Look for the cheapest home in the best neighborhood
This is one of the best ways to find a good home that will increase immediatly in value when fixed up. You need to weigh the costs verses the recouped value. Investing in a home needs to be worth your while.
- Try and do all the repairs yourself
If you have to hire out for most to all the repairs it may not be worth it in the end. Before buying a fixer it is important to have some knowledge of handy work. Get several bids on large contractor work but try to keep the minor repairs to yourself to save as much on the recouping as possible.
- Get a thorough inspection
Make sure your inspector is well equipped and knowledgable on extensive work. Having a professional inspector can help with every detail the home will need. When you walk through with your inspector keep track of items you can do and those you will need help on. Get bids on those you can't do and weigh that cost with the cost you may recoup if you sell the home.
- If you live in the home, you can design it the way you want
If you are not re-selling the home but plan on living it in for a while, this is your chance to make the home exactly how you want it. If you ever do plan on selling though, you can keep in mind issues and designs that will be a benefit for any buyer in the future.
If you would like to take a look as any fixer property in the Walla Walla real estate area, give us a call or email today. We can send you a list of current fixers in Walla Walla.