Buying a fixer home can be a fantastic investment. They tend to be much more affordable than a turnkey home and the money you save should cover any repairs or renovations that are needed — not to mention, you’ll be able to have a say in the design of the home.
If you’re going to invest in a fixer home, whether you’re planning to flip it, or live in it, keep in mind these 4 things before you decide to buy.
Location. If you’re going to invest in a neglected property, make sure it’s located in a neighborhood that’s worth investing in. It won’t matter how beautiful the house looks after the renovations, if the surrounding area doesn’t support the price.
Floor Plan. When checking out a fixer home, pay attention to the floor plan. If there are load bearing walls and you want an open floor plan, this can be an unexpected and costly expense. You don’t want to end up investing a ton of money into remodeling the house in order to change the floor plan – especially where plumbing is concerned.
Configuration. The number of bedrooms and bathrooms matter. It’s the biggest deal-breaker for any buyer. A 3 bed / 2 bath fixer home is going to be a lot easier to flip than a 2 bed / 1 bath. Keep this in mind when looking at various fixer-uppers to invest in.
Lastly, Condition. Yes, we get it. The point of a fixer home is that you are buying a house under valued because it needs repairs. That doesn’t mean the condition of the house doesn’t matter. There’s a big difference in buying a house that needs new paint and carpet than buying a house where all the plumbing needs to be replaced. Certain repairs are going to cost way too much, making the low price of the house totally irrelevant.
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There are three additional things you’ll want to look for in every fixer home that you consider.
- The foundation
- The roof
- The plumbing
If more than one of these three things are in poor condition, you may be better off not investing in that particular house.
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