fbpx
logob
Jul16

4 Crucial Things to Do When Buying a Fixer Upper

4 Crucial Things to Do When Buying a Fixer Upper

For people who love old houses and love working on them, a fixer upper can be a great way to get into a larger house. Since not everyone is in the market for a fixer upper, the odds of scoring a sweet deal are in your favor. 

But fair warning. You have to really know what you’re getting into. Otherwise, that Denver house could become your worst nightmare. 

If you are set on buying a property that is in need of a lot of TLC, then this blog post is for you. Here are 4 things you should do when buying a fixer upper. 

Consider the location 

Not all fixer uppers have the potential. Just because you spent thousands of dollars on repairs and home improvement projects, it doesn’t necessarily mean that you’ll get a good resale profit. 

Location is one of the most important things to consider when buying a Colorado property. After all, you can change everything about the home, but you can’t change it’s location. Seek out homes in desirable neighborhoods. Avoid those that are situated next to a school or on a busy intersection. 

Hire a qualified home inspector 

It is a given that a fixer upper will come with a long list of issues. But that doesn’t mean that you should skip the home inspection. 

A Colorado home inspection is an absolute must when investing on a fixer upper. This will not only help you determine the actual condition of the property; it will also help you plan a budget for all the necessary repairs found during the inspection. 

Determine the cost of renovations before you make an offer 

Repairs will cost you thousands and thousands of dollars. Now that you have an idea about the extent of work and repair that needs to be done, it’s time to talk with a contractor. 

Do a walk-through with a contractor and ask for a cost estimate. This way, you’ll have a good idea about how much you need to spend on repair. Make sure that you add an extra 10 to 20% to your estimate for unforeseen repair works. 

Be prepared to roll up your sleeves 

Doing repairs yourself will keep your cost down. The more you can do on your own, the more money you can save. 

We know you want to save money, but you should be more realistic about your abilities. If you have experience, then you’ll be able to tackle more tasks. If you’re an amateur, then stick to simple tasks such as painting, removing wallpaper, re-grouting tile, repairing leaky taps, patching a drywall etc. Some jobs are best left to the pros.