Wondering if a Fixer-Upper is Right for You?

As an investor, your needs are different than a typical home buyer. When it comes to buying an investment property to flip or rent there will be many questions along the way...

Q: Where Can You Find Fixer-Uppers?

A: They are literally everywhere, even in wealthy enclaves. What sets them apart is price.  They have lower market value than other houses in the immediate area because they have either been poorly maintained or abandoned.

Taking on a Fixer UpperTo determine if a property that interests you is a wise investment will require a lot of work. You will need to figure out what the average home in the area sells for, as well as the cost of the most desirable ones.   

Experts suggest that novices avoid run-down properties needing extensive work.  Instead, they recommend starting with a property that only needs minor cosmetic work – one that can be completely refurbished with paint, wallpaper, new floor and window coverings, landscaping, and new appliances.

Also, keep in mind that a home price that looks too good to be true probably is. Find out why before pouring your hard-earned money into it.

When looking for a fixer-upper, some experts suggest you follow this basis strategy: find the least desirable home in the most desirable neighborhood. Then decide if the expense that is needed to repair the property is within your budget.

If you're ready to take on a fixer-upper send me a message and let's get the ball rolling. You can reach me at 772-678-1600, or visit my Web site. As your resource for information on Treasure Coast real estate, please be sure to contact me about any home you may find on the Web, yard sign, or ad and I be happy to research the property, arrange showings and handle all the details.

Reprinted with permission from RISMedia. ©2015. All rights reserved.

 

Eric Slifkin, Broker Associate

Eric Slifkin, Team Lead

Your local real estate expert

We offer home sellers and buyers a turn-key approach to managing their real estate needs from the Treasure Coast to the Palm Beaches and beyond.

 

Contact us or call 772-678-1600 today to schedule a free consultation. Whether buying or selling a home on the Treasure Coast, we are always happy to meet with you to discuss your wants and needs, with no obligation.