Buying a fixer-upper can be an exciting opportunity to custom design your dream home. This could be something you’ve talked about doing for years and now you’re serious about purchasing a home that is in need of work. What should you look for before you sign the papers?
Make sure you know exactly how much fixing you need to do. Some homes can be fixed and others need to be bulldozed. If you don’t want to start from scratch, then make sure you check two things: the foundation and the structure. A bad foundation and an insecure structure almost always require a fresh start.
Crunch the numbers and make sure a qualified home inspector helps you estimate repair costs. Cost of the property and the improvements should add up to less than your budget or you’ll be living in a repair project for years to come.
Here are some things to make sure you check and budget for:
•Exterior work such as roofing, siding, etc.
•Electrical work, making sure it’s properly wired and there’s sufficient power.