Buying A Fixer Upper Allows Homeowners To Get A Deal On Homeownership
Are you looking for a new home in the market today? There are an abundance of homes for sale that are known as handyman specials. Fixer uppers are homes that are for sale that are in need of repair. These homes generally cost less compared to other homes in the area. Many times these homes are quickly purchased by real estate investors. After purchasing these locations they fix them up and sell the property at a premium.
These handyman specials are a top target for real estate investors because they are cheap. With the properties needing a variety of repairs they are sole far below the market value. While many fixer uppers continue to be purchased by investors there are still plenty of them to be snapped up by residential buyers. This is a great option for buyers looking for an affordable option in homeownership that aren’t afraid to put in the time, money and sweat equity to fix the home up to meet their needs.
The one thing that homeowners looking at fixer uppers must consider is the cost of repairs. Most handyman specials are sold “as is”. You must have a fairly accurate estimate of the repairs the home needs before purchasing a fixer upper. Don’t underestimate the cost of repairs needed. This is how many buyers get in trouble when purchasing a fixer upper.
If you are seriously considering a fixer upper it is pertinent that you get a proper inspection. You will want to make sure you hire an inspector that is reputable in handyman specials. The structure, roof, heating, plumbing and electrical systems are of the utmost importance. These five areas are the most expensive repair areas in home renovations. Substantial expense lies within these repairs. Only take on a home with these issues if the selling price is well below the market value and can be recouped in the long run. Look into toxicity issues, mold and the sewer system as well. A licensed inspector that specializes in this type of home is required when seriously looking into a handyman special.
A home that is worthy of being fixed up can end up being a terrific investment. As the buyer it is important to understand what needs to be repaired and the costs involved. Figure out what repairs you can handle on your own and those that you will need to hire out. For a complete list of local homes that are in need of some tender loving care find a realtor in your area. A reputable real estate agent can even find a diamond in the rough in even the most amazing areas. Golf courses, recreational properties, lakefronts and more can all be found below market value. They may just need a little attention to make them the eye catching beauties they once were.
Lady of the Lakes Real Estate is Livingston County’s premiere realtor; out of Pinckney, Michigan helping buyers buy and sellers sell homes that provide a recreational lifestyle including golf courses, lakes and the Huron river chain of lakes, throughout Brighton, Howell, Pinckney and the surrounding area. Find out more at http://www.ladyofthelakes.com.