Knowing Your Options for the "Fixer Upper"
The
fixer-upper properties on the market will give you more purchasing
power when shopping for a new home. Bargains can be found in homes that
have been foreclosed, seized by the government or just fallen out of
repair due to homeowner neglect. While it is true that you will save
thousands of dollars on these homes that will need lots of work, there
are hidden costs that buyers fail to consider. Ask yourself if it’s
worth it and know your options.Know exactly what you are getting into
Don’t underestimate the cost of renovations and repairs. A home inspection will let you know the fundamental repairs and maintenance that must be done to the home. Without a home inspector, you may end up over paying for the fixer-upper anyway.
The inspector will evaluate any problems with the interior and appliances, roofing, heating and cooling system, plumbing, electrical wiring, insulation and ventilation, and the structural foundation, exterior faults and more. Fixer-uppers may have a lot of problems with these parts of the home, and a realtor can downplay the extent of the issues because of their stake in the outcome of the sale. A home inspector is worth hiring to get an unbiased perspective and uncover problems you can’t see yourself.
