Low Cost Home

While buying a fixer upper home can save you a lot of money, that is only true if you know how to choose one. Following are some tips to help you find the right house to invest in.

Look for a Big Return on a Small Investment

A fixer upper is not a run-down home that needs a major overhaul. The best choice is one that needs only small repairs and improvements to significantly increase the property value. Do some research on curb appeal to discover what items to look for that can be easily fixed for little money.

Stay Under Your Budget

If you have ever done any remodeling, you know that there are always unforseen costs involved. Once you start tearing down and ripping up, you may find hidden problems that will require extra cost. By choosing a fixer upper whose initial cost and repair estimations are under your budget, you will come out ahead.

Write Down Everything That Needs to be Fixed

There are four areas that you want to consider - remodeling, renovating, refurbishing and repairs. Be as detailed as possible. Once your list is complete, groups them into those that must be done, those that might need to be done and those that can wait. Finally, rewrite the list in the order that you plan to accomplish them.

Get an Expert Opinion

Unless you’re a real estate expert yourself, it’s better to hire a qualified professional to investigate the house for needed repairs and renovations. Walk through the property with this person and ask questions as you go along. Have them provide you with a written list. Be sure to check the structure since problems are not always evident and reparis can be rather costly. You might even want to hire several professionals, each one for a specific aspect of the home.

Take Photos of the House

You can never be too sure that you haven’t overlooked anything about the house. And since you can’t bring your investment home, the next best thing to do is take as many photos as you can of each room of the house. Take at least four photos for every room (one for each side).  Remember to set the size of photos to its maximum capability. Take an extra memory card just in case you run out of memory. This way, you’ll be able to study each photo in detail at a later time. Get a friend to look over the photos with you. We often overlook things we ar accustomed to seeing. A new set of eyes may spot things you missed.

As you can tell, investing in a fixer upper home requires great caution. Thorough research and investigation are necessary to guarantee your investment brings you the highest return and provides you with a sound, comfortable home you can enjoy for many years.

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