Why should you look for fixer upper homes for sale in West Palm Beach, Fl?
When people buy a house they want the best possible option. They want a house that is in the best possible condition. But what many ignore are the fixer upper homes in West Palm Beach.
- Lower price
They are cheap. This is the biggest advantage you. If you have sizable savings you might not even need to take out a big loan for such a place. Such places are usually priced below the market which makes them affordable. Also, you can even move into a fancier neighborhood. You might not be able to afford the readymade house in that posh neighborhood but you can buy a fixer upper and fix it up for yourself!
- Good bargain
As we mentioned earlier, there are not people who consider buying fixer upper homes. So you have fewer competitors and this will provide you some great bargaining opportunities. You will have quite a number of options but the sellers of fixer upper homes do not have a lot of buyers.
- Your style
Buying a fixer upper gives you the chance to redecorate the house from scratch according to what you want. With a readymade, good house you would have to take solid walls down or rip the good floors apart. In a fixer upper house, you the walls and floor might already be in such a condition that you easily remove them. The point is that you can design your house according to your style. You do not have to settle for a house that reflects someone else???s taste. You have a blank canvas that you get to fill up. And later brag about!
- Quicker equity
Your fixer upper house may have been priced below the market but that does not mean you have a bad property on your hands. If you fix up and renovate your house soon after you buy it, you will be able to increase its value quickly, thus increasing your personal net worth. So if you need to, this will give you the chance to refinance sooner.
- Take advantage of the 203k loans
You should consult your lender about the 203k loans by the Federal Housing Administration that offer homeowners funds specially for handyman special/ fixer upper plans. These loans are available for all sorts of requirements for homeowners of fixer upper houses such as extensive structural work to design and cosmetic changes. These loans include the full 203k Mortgage and the 203k Streamlined Mortgage.
What to look for
Nice as it sounds, you do need to be careful when you are buying a fixer upper. You cannot buy the first place you see. There are several things that you must consider before buying fixer upper homes for sale in Florida.
Do some calculations
The very first thing that you need to do is do your math. What can you afford, how much loan will require, what will be the cost of the fixer upper, how much renovation work will the house require. Are there going to be significant structural changes? If you are looking you could end up with a house that is in a relatively good shape and doesn???t need structural changes. But if it does, you need to talk to contractor and figure out what needs changing. The roof, the wall, the windows, all of it needs to be assessed. There are also some ???hidden??? repairs that you might find at first. You might discover some big repair that you missed before. So keep in mind a few extra repairs and changes as well just so you don???t get into a financial problem later on. This bring us to our next important point.
Get the house investigated
If you have bought a house before, you know how important it is to get the place checked out beforehand. You do not want any nasty surprises later on. If you think you can do the investigation on your own, then go ahead. But we would suggest that you find a professional to do the job for you. A professional willknow exactly what to look for in terms of what you will need to repair later on. You can discuss with them your budget and they will give you an estimate of the repairs that a fixer upper will require. You will need to pay their fees obviously. But it is better to pay for this than to encounter some problem that YOU missed and will now require very expensive repairs or rebuilding.
Pick a property that will pay
The ideal fixer upper property for you would be one that only needs cosmetic changes and improvements. These are improvements that include drywall repairs, painting job, updating the bathroom and kitchen, new windows shutters, doors etc. All of these are profitable improvements that will raise the value of your house as well. But not everyone is that lucky.
How you fix up your house depends mostly on the house itself. If it needs major structural changes, you need to get those underway. For that you will need to hire a contractor so you can get the work done. This is not something you can manage on your own. Structural changes require serious and heavy work and for that you will need a professional.
Renovating the fixer upper house
You cannot start pouring thousands of dollars into the house. Instead, take your time and work on each room one by one. And stick to your budget. While you are out shopping for you house refurbishment, you are going to be tempted with many beautiful things. However, you cannot exceed your budget. Don???t skimp on the important things a new drywall. Don???t compromise on quality in order to keep the budget low. But don???t get cheap quality things either. These are the things you need to keep in mind while renovating your fixer upper home.
Keeping out the animal and critters
Fixer upper houses, often abandoned for so long, become home to wild animals or stray pets. You may or may not love pets, but even if you do love them, you really should get rid of these stray animals and make sure they do not come back either. You need to put some barriers up, like fences, and make sure your trash is covered so they don???t come over for the bad food that your throw out. These animals can also disrupt your renovation process by coming back to the house, especially if you are not living in it during the renovations. So make sure that the house is animal free before you start your work so you don???t any animal.
What kind of flooring do you want?
You can choose a floor of your choice in your fixer upper house. If the flooring need to be set from the start, you should work on that before going towards carpeting if that is what you have in mind. Otherwise, if you want a hardwood floor then you don???t need to worry about the carpeting. But you do need to decide about whether you want to replenish or replace the hardwood. If the flooring is fine and only damaged in a few sections, then the best thing for you to do is repair the damaged sections.
However, if you want to replace the flooring entirely, there are a few more things for you to consider than just pulling them out and putting down the new floors. Since you are ripping out the entire old floor, there is no reason for you to go for the same old floors, unless you want. As we said before, you have the option of giving the house an entirely new look. This is the advantage you have of starting off. You can start over with a completely new type of wood.
When you are choosing the wood, make sure it is of a good quality. Putting in new floors is not something that you can do every now and then. It is a huge task that also costs a considerable amount. So choose carefully and sensibly. Don???t go overboard and pick the most expensive and rare kind if you don???t have the budget for it. Stick to your budget but make sure the quality is good so you don???t have to put in a new floor in just a few short years.
Refining the hardwood floors
If the old floors are in good condition, you don???t need to start from the scratch. You can simply refine the floors that are already there. Most of the time, all you need to do is simply sand for the surface of the wood. This will take away the effects of age. Apply a fresh stain and your old hardwood floors will shine like brand new floors.
Hardwood or carpeting are the not the only options you have for your flooring. You can tile your floors if you want. There is a wide range of options for you to choose from. For example, ceramic and porcelain are some of the most popular and affordable choices. But if you have a big budget, you can choose something posher like marble or other type of natural, depending on the look that you want.
Once your floors are done, you can add a rug or two in the rooms of your choice to brighten up the place.
If the house is very old, then the doors are probably worn out and outdated. You should replace with wooden door of your choice. Or, if the doors are made of high quality wood, then you can simply sand down the surface and give it a fresh stain. If the door creaks, then try oiling it. Or you can also change the hinges of the door because the old one are probably very rusty at this point. You can also choose molding that will go with your door.
If you are going for a modern look and the house is old, it is best to install some modern windows. But if you think the windows look fine with the look you want for your new house, then there is no need to change them. The glass may be broken in some windows and you can easily get that replaced.
Install New Fixtures
New fixture can really transform your house. This includes changing doorknobs, faucets, drawer and cupboard handles, light fixtures. These are small things but they bring an instant change to your house and give it a new appearance.
Renovating or replacing a kitchen is really not as expensive as you might think it is. Drainage and water availability aside, which is something you need to take care of for the whole house, there are a few other things your need to replace in a kitchen to make it look brand new. Change the cabinets if they are in poor condition. You might get lucky and find them in good condition and in a style that you like. Change the counter tops and we have discussed the tiles already. Then you change the sink and the floor tiles obviously fall under flooring which we have discussed above.
This can be a major task, considering on the condition of the bathroom in your fixer upper house. If you have a master bedroom, you can take advantage of the space that it offers. Since a master bedroom is usually bigger, you can expand your bathroom as well, if you want. For example, you can install a shower stall and a bathtub so that you and your partner can both take a shower or get clean at the same time. You can also have two sinks but make sure that they are far apart that there is enough space for two people to spread and have some elbow room. These are all pretty big changes and you should consult a contractor for that.
Replacing the roof is pretty major cost. We would suggest you stay away from homes that need roof replacement because the cost of that is pretty high. However, if you have the budget for it and you really want the house, don???t let us stop you! Just make sure, as we have said before, do not compromise on quality at all. Come rainy season, you do not want to end up with water dripping on you in the middle of the night.
Fixer upper house generally do not have very good wiring. Even if the wiring looks good to you, it is best to get it checked out by an electrician. This is extremely important but an electrical accident can cause serious property damage and can also be life threatening. Bets case scenario, you end up with no power in the middle of the night. Worse case? You could have a fire started by an electrical issue. So to be of the safe side, it is imperative that you get this checked and fixed by the most reliable electrician.
While not life threatening, plumbing issues can be very annoying and can even damage your property. Like wiring, fixer upper houses are not great on plumbing. If it is a very old house, then you might need to install modern plumbing. And even if it is a fairly recent house you will still need to get the plumbing investigated thoroughly. If it is not done right, a pipe may burst and flood your house. And after all the repairs you just made? You really don???t want another expense like that on your hand.
We hope you do not end up with a house that needs to sewer lines replaced because it can be a very expensive task. However, if you do need to have the sewer lines replaced, then get it done by experienced, reliable professionals. This is not something on which you should be saving money.
This is another big repair. Foundation repairs are the not fun part of fixing up a fixer upper house. But if you think the house is worth it, then go for it. But be prepared to deal with any number of issues like as structural problems, grading issue, water leakage, settling etc. there might water problems in the basement which is pretty big problem. So, as we mentioned before, make sure you catch all of these things in your investigation before you buy the house.
Hot water heater/ furnace
A fixer upper house might not have the heating you require so that is also something that you need to look into.
Other than all of these changes, there is the usual painting job and other small cosmetic changes.
Handyman homes for sale by owner
If you are going to live the in your newly refurbished fixer upper house, then you can simply move in with all of your things. However, if you decide to sell the house once you have fixed it up, that is a different matter. There are two ways you can go about this, either get a real estate agents to sell the house, in which case you will obviously have to pay them, or you do it on your own. If you are going to do it on your own you should listthe property in as many places as possible and gives ads for ???fixer upper homes in West Palm Beach or fixer upper homes for sale in Florida. And you need to do more than just make the repairs. You need to make the house look ???homey??? and like it can be lived in.
We can help you with that. First of all, if you are selling your house, you need to consider a few things.
Some of these factors are:
- The local economy in your city and state
- The national economy
- Your neighborhood. Is it the neighborhood earning a good reputation or a bad one?
- The condition of your house and how much work it will require
- The asking prices of similar houses in your area.
- The asking price of your house.
Once you go over the above mentioned factors, you can stat handling the process accordingly for the quickest way to sell a house. So to sell your house fast you will need to do a bit of research and spend some time on it, at least initially.
Make the Property??More Attractive
Even if you have fixed up the house, you need to make it look attractive to potential buyers so that they are tempted to buy it. That means a good paint job, lots and a clean house, among other things.
If the first impression you make is a good one, your chances of selling the renovated fixer upper house increase greatly. So to make the best first impressions, you need to make the exterior of your house as inviting as possible. You don???t need to make some heavy expensive changes. You can add some bright new flowers or cheap shrubs to brighten up the place. Make sure the grass and shrubs are neatly trimmed. Make sure you windows are clean as well. These are all small things but they make a big difference in the potential buyers??? perceptions.
Pricing it right
We know that you have spent a lot of money fixing up this fixer upper house and you want the return on all your efforts. But if you price your house too high and you will not be able to sell it..You will need to look at similar houses in your area and see what their asking price so you know how to sell the house in today’s market. Find out the market value of your house and then price your house according to the information you gather. We know sellers want as much as they can get but no one will want to buy your expensive house if they can find a similar house in the area with a more reasonable asking price.