Cheap Fixer Upper Homes is any property that is old and mostly requires maintenance work to make it fit for living. Buying cheap fixer homes can be a choice for some people who are tight on budget and do not have enough money to buy a new house. Moreover, buying a fixer home is a good investment choice and popular practice among the buyers who wishes to raise the potential value of property to enjoy good returns. However, you must ask a few questions before considering buying a cheap fixer upper home to avoid any major losses and setbacks.
1)???? How much money can you spare?
The most important question that you need to ask yourself is that what is your budget and how much money can you spare on the redesign, redecoration or reconstruction of the house you chose to buy. You need to evaluate and calculate the expected total investment and decide whether the house you chose is worth the money spent?
2)???? Is the house located in the historic district?
Although buying a Victorian style house may sound very tempting but you also need to make sure about its locality. If the house is located in a historic district, then you will have to abide by the standards set and will be bound to remodel the house according to permissible design patterns.
3)???? Are the neighborhood statistics favorable?
You need to find out about the value of the house in your neighborhood and determine whether the money you invested in buying and improvements to the house is worth. Thus, the house you bought for the investment purpose must cost you below the market value and give you good returns on resale.
4)???? How is the condition of the home???s major systems?
The major system such as the roof, electrical fittings, plumbing and the whole house foundation should be in sound condition and do not need fixation which could otherwise cost you a fortune.
5)???? Are there any monstrous hidden expenses?
You need to inspect the house carefully before buying and look for any hidden expenses that could put a good dent in your pocket and may result in huge losses.
6)???? Is the home subject to asbestos?
Old houses were usually constructed with asbestos, especially in siding, flooring and insulation. If that is the case, then you must make sure to encapsulate those areas with a certified abatement crew to avoid health hazards and increase the sales potential of your home.
7)???? Are you getting a good deal?
In the end you must evaluate and determine whether you are getting a good deal out of the money you are investing in buying the house and its renovations. You should make a wise decision and think carefully before making a purchase because one small mistake can result in huge losses.
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