5 Things You Should Know About Fixer-Uppers

Here are five things you should know before purchasing a fixer-upper.

Are you thinking about purchasing a fixer-upper? In today’s busy market, a lot of buyers are weighing options they wouldn’t have considered in the past. Fixer-uppers come with a lot of positives like the lower price, lack of competition, and reduced pressure. However, they do come with issues too. Here are five things you need to know about fixer-uppers:

1. Consider alternative mortgage options. If you’re going to be mortgaging the house and renovating as well, you want to go with an FHA 203k program. Your lender can help you with that.

2. Appraisal and inspection hiccups. You could experience difficulties if you’re dealing with FHA, USDA, or VA programs. They’re a little stricter.

3. Have backup living plans. Consider holding off on moving or finding another place to live while renovating. It could take a while, and you might not be able to live in the house in the meantime.

Fixer-uppers come with a lot of positives, but they have issues as well.

4. Bring your contractor to the house. The contractor can give you an idea of what the renovations will cost.

5. Be ready for unexpected problems. There may be hidden problems that you won’t see when you tour the house.

If you have any questions about buying, selling, or investing, I’d be glad to chat with you. Don’t hesitate to reach out to me by phone or email.