Whether it’s because of your budget, or your creative and live-for-the-challenge personality, sometimes all you need is a fixer upper to give you the house of your dreams. If you’ve never done it before, fixing up a run down house to make it into what you imagine can be a great project for you, but it’s also extremely stressful and challenging.
There are many people that do it for a living, they “flip” houses, meaning that they purchase them for cheap, fix them up on a budget and sell them to make profit. You can choose to do this, or you can do this for your forever home. The advantages that come with it include being able to make a house into exactly how you dreamt it to be, as well as most likely saving money by not buying a move-in ready home that isn’t exactly what you want it to be, and having to spend even more money to change it up.
Fixer uppers are everywhere, in every single town and on every single real estate listing for homes for sale. They’ve either been foreclosed on, or may just be for sale, you just have to spend a few minutes to look. The process has some challenges and it all comes down to the home you choose, here’s how you can determine which fixer upper is the one for you:
Is it where you want it to be? In the town that’s perfect for your future, no matter what it is? You don’t want to spend all the energy and money on a fixer upper to just realize that you wish it was closer to town, or vice versa. Also, you always want to think about its value once you’re done remodeling it, and location has a huge impact on the price and its ability to sell in a timely manner.
Depending on what you’re looking for, you’ll most likely find cheaper fixer uppers the further away you are form the center of town, which would make it great for you if you enjoy the quiet life, don’t have children that are of the age of needing to get to school or activities, or if you’re looking for a home to escape to every once in a while. But if you’re looking for your first home, one that is in a location that adds value may be better for you, even if the initial price is more than the remote locations of other homes.
Of course, a fixer upper is going to be listed for less than up to date houses, but you also need to consider how much you’re willing to put into it. You don’t want to purchase one and then put so much money into it that when you try to sell it eventually, you won’t make any profit and you may lose some money.
As you’re searching for one, make sure that you tour each home thinking about its features, what you want to work with and what you want to completely re-do. Add these thoughts to your budget and make sure that any changes and costs will be worth it in the long run.
Although you’re looking for a fixer upper, the condition of the home you’re looking at is very important, especially if you’re budget is tight. The most important thing you can do when purchasing one is that you check and make sure that the home at least has a very good foundation, and a solid roof, both of which could take up your entire budget if they need to be fixed. Before you purchase it, ask some contractors for their opinion on what they believe needs to be done to provide you with a structural base that’s reliable and sturdy.
One of the many other aspects to remember when looking for the right fixer upper is to be patient. Don’t jump on the first one you see unless you truly feel it’s meant for you, take your time to find one you want to invest in and put the love, time and money into in order to make it the home of your dreams. Make sure you go through the necessary steps, and speak to a real estate professional to know exactly what those steps are and how to go about them.
Contact Merit Co today to find some fixer uppers in the Colorado Springs area that would be great for your needs!