Buying a “Fixer-Upper”

December 10, 2015

Couple planning paint colors

RENOVATING YOUR DREAM HOME
Sometimes when the home of your dreams is out of the reach of your budget, a fixer-upper is something to consider. A home that needs a little work will usually not sell for top dollar, giving you the chance to turn it into something that can become what you envisioned in the first place. Most buyers are unwilling or unable to put a lot of work into a home to make it into their dream home. This opens up many possibilities for the willing buyer. Think of a fixer-upper as a blank canvas.

You have the chance to make a fixer-upper exactly as you want without having to settle for a home that doesn’t reflect your taste.

It is hard not to get excited about the idea of buying an older property and renovating it into your dream home or turning it around for profit. But along with the potential for making money in purchasing an older home, there is also the risk of exposing hidden problems. An informed contractor will know what is required to properly update the home. Knowing what you are getting yourself into is key. The guidance of a professional Realtor® is exactly what you need to help you understand the essentials of home buying of any sort.

PRESERVING AND RESTORING HISTORICAL HOMES
Taking on the task of purchasing and restoring a historic home has obvious charm, what’s old is new again. Many Americans are moving out of the suburbs and back into cities. Before investing in a historic home, make sure to do your research to find out if the home you are interested in is historically significant. The National Register of Historic Places (NRHP) is the official US site for historic properties. Understand that if you are going to restore the home or add to it, it could cost you more money than an equivalent home in another part of town due to the strict guidelines that must be adhered to. Aside from these challenges, many historic homeowners find more benefits than simply the charm and beauty of owning a piece of history.

When looking into updating a historic home, understand that there can be tax benefits or incentives to aid your restoration. Many home buyers do not realize that there are FHA Loans that will cover not only the cost of purchasing a fixer-upper, but also for remodeling expenses and closing costs. If you are interested in getting in touch with builders in the area that specialize in preserving and restoring historical homes please contact us today.

PICKING THE RIGHT FIXER-UPPER
A Realtor® can help you determine the right fixer-upper and coordinate necessary inspections to avoid a costly mistake. Pay attention to certain red flags that could break your renovation budget. There are other issues that could add to your renovation budget, especially when buying an older home or restoring a historic property. Contact us today for all your questions about fixer-uppers or any of your real estate needs.

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