Buying A Fixer-Upper
Sometimes you find beautiful buildings that are in need of a bit of love. Sometimes they have things like mites, water damage, or they may need fire restoration. Buying a fixer-upper is a labor of love. And not a project that you should take on lightly. That said, there is a lot that you can do with them. They are almost a clean slate. If you have the cash and the time, then it might just be the most fun thing you do in a while.
Here are a few tips on what to look for in your fixer-upper:
Perfect Mess
The best kind of fixer-upper will be in a location that people are going to want to buy in the future. So you can start by looking at places that are going to get an influx of cash. The cash might be coming from new companies opening their doors, or it could be a government scheme to improve the area. Typically this will bring workers and money. Both of which will benefit you when it comes time to sell it.
Location
You might decide to take a chance on a property off the beaten track, which is a great idea – if you can turn it into a palace worth buying. Another tip is to stay away from busy roads, next to a school or too near a tip/landfill site. The school location should be taken into account, but if you are too close, the chances are the new owners will be put off with being blocked into their drive between the hours of 8-9 and 3-4 every day.
Take a walk around the area and check the state of the other houses. If they are well maintained, then you can pretty much be sure that the people there are caring for their property and about the neighborhood too.
Layout
You have a lot of room to make changes. If it is currently 2 or 3 large rooms, you can break one into an extra bathroom or a new bedroom. You can open out the downstairs too. Open-plan houses tend to let in a lot of light and are very desirable. Consider who you want to sell the house too. If the area has a lot of young children, then a family is the most likely to buy. Meaning that you’ll need to carefully consider the location of the stairs, bathroom, and bedrooms. If the area is mostly couples or singles, then you can go for an en suite and really make one bedroom the focal point.
Current Condition
Stripping wallpaper, paint, peeling plaster. Doors with more layers of paint than you’d like and rot in any of the skirting boards all add a lot of time and money into the project. Many issues are purely cosmetic, but getting a survey done in advance will give you a clearer idea of if you want to take the project on or not.
It is important to remember that not all fixer-uppers will require the same amount of work, but a smart buyer can get you the money for your next renovation project and some for your bank too.
