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Is Your Fixer
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Nowadays more home buyers than ever
are in the market for a 'fixer-upper', a damaged home that needs repairs.
Whether they want it for themselves or to renovate and sell at a profit,
people are looking for the diamond in the rough.
The question is, will you be able to do the work required to make the
home marketable? The secret lies in purchasing a home with problems
that aren't out of the realm of possible repair. So what should you
look for when you go to search for your fixer-upper? What should you
avoid?
Unless you're a certified carpenter with plenty of time and money on
your hands, avoid a house with serious structural damages. Structural
repair, including unsafe wall support and caving-in roofs, can be a
serious and costly process, out of reach for the typical home buyer.
How do you know if a house is too broken to fix? It pays to ask a professional.
Although most of the time serious structural damage is obvious (and
in fact, you'd probably have to go looking to find a house on the market
that had this kind of problem), it's worth your money to get an inspector
on your side and have them check over any damaged property you're considering.
If you do the research and get the right inspector, they'll be able
to tell you what lies ahead.
On the other hand, there are certain home defects that, while they might
sound daunting, are simple enough for the right person with a little
time and money to spend. A home that has seriously damaged floors, for
example, may require the removal of the old floors and installation
of new ones. Similarly, a missing porch, broken windows, and damaged
walls can all be repairable defects if your budget and time allow.
Of course, it's possible to remedy any problem that might exist in a
home, even if it involves serious structural work. The trick is deciding
on what type of budget and timeline you have, and how much work you're
willing to devote to bringing your diamond to life. If you're considering
a fairly large repair project and a fairly large investment, get an
appraiser to look at the property and help you calculate what kind of
market value the house will have when all is said and done. Even if
you're not planning to sell it, you'll need to know if the work is worth
the investment.
Finally, know when to walk away. If it's a great house but has a lousy
yard, or is in a bad location, do you really want to pour time and money
into renovations? Renovating a fixer-upper is a big commitment. Make
sure it'll be worth it in the end.
About The Author:
Peter Dobler is a veteran in the IT business. His passion for experimenting
with new internet marketing strategies leads him to explore new niche
markets.
Read more about his experience with real estate; visit
http://real-estate.online-business-idea.com
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