Buying a home that needs repairs can be an excellent way to save money and get into the market at the same time. A fixer-upper can either be a great challenge and allow you to renovate your home the way you always imagined it, or it can be a disaster full of cost over-runs and never-ending projects. As the premier realtor for all your Brea real estate needs, I would like to share these important tips to help you find your dream home and not a renovation nightmare.
Before deciding about any home on the market, it is a good idea to take some time and look at the neighborhood and the community at large. Make sure that the neighborhood suits your needs and will continue to satisfy you in the future.
Sometimes the best real estate deals exist in up and coming neighborhoods or newly developing parts of the city. Look at a few different options before making any final decisions.
Here’s the Deal:
It is always a wise decision to purchase a fixer-upper in a good neighborhood rather than a home in a less than desirable neighborhood. You can always fix your home, but you can’t fix an entire neighborhood.
Get Professional Help
Hiring a home inspector is a good idea when buying a home. When it comes to a fixer-upper, a professional is essential. They will be able to tell you the condition of the home as well as:
- The plumbing and electrical systems.
- The condition of the home’s heating and cooling system.
- The overall condition of the exterior including the roof as well as the downspouts and gutters.
The final assessment provided by the home inspector should give you a far better understanding of the condition of the home and will allow you the chance to either make a counter offer or walk away from the property.
To Renovate or Not to Renovate
Any fixer-upper is going to require renovations and work. However, the type of renovations should greatly influence your decision on whether this is the right property for you. Typically, renovations are broken into two groups – cosmetic and structural. Cosmetic renovations are usually less time consuming and fairly inexpensive. These types of renovations include:
- Replacing flooring, tile or carpet in the home.
- Replacing leaky toilets or faucets.
- Replacing or refinishing trim or baseboards.
- Replacing or changing light switches or light fixtures.
Structural renovations tend to be costly and time consuming and will require a contractor. These types of renovations include:
- Removing walls to expand living space.
- Changing windows in the home to more energy-efficient ones.
- Complete and total kitchen or bathroom renovations.
- Adding a garage or an addition to the structure.
These tips will help you decide if a fixer-upper is the right decision for you. If you are interested in other helpful tips for buying a fixer-upper or would like to see some of the new and exciting housing options that are available on the Brea real estate market, please contact me today. I look forward to hearing from you soon.