Everyone knows that buying a house is an expensive process. But if you’re willing to put in the work, you could buy a “fixer-upper” for less than the market price. This kind of home purchase is a big deal, though, so make sure you’re really ready to buy before you go through with it.
If you’re ready to look at fixer-upper houses, let’s go over the buying process and talk about the pros and cons of buying a house that needs work.
What Is A Fixer-Upper?
A “fixer-upper” is a house that needs a lot of work but can be purchased for less money. You can probably live in a house that needs work, but you’ll have to invest a lot of time and money in structural and/or cosmetic improvements. If you want to get more space for your money or sell it for a profit, you should consider buying a fixer-upper.
Get A Home Inspection
A home inspection can be costly, but it is required if you plan to buy a fixer-upper. A professional home inspector will look over the house you want to buy carefully and give you a report with a list of all the repairs that will need to be done.
If you don’t have a home inspection, you might not know that the house needs new pipes, that the septic tank needs to be replaced, or that the foundation is cracked. A home inspection can help you avoid unpleasant surprises and determine how much and how important certain projects are. However, you can always do it yourself to save money.
It’s important to get a home inspection when buying any home, but it’s especially important when buying a house that needs work.
Estimate how much renovation will cost
When you buy a fixer-upper, make sure you have enough money to transform it into the space you really want. Make a list of all the projects you want to do and estimate how much they will cost in materials and time.
Conduct some online research and obtain estimates from contractors. Even though you won’t be able to determine the exact cost of everything, you can get a ballpark figure to help you budget and decide whether the investment is worthwhile.
Determine If A Permit Is Required
Permits may be necessary for some renovations. The need for a permit for home improvements is determined by where you live. Most cities require a permit for:
- Construction work
- Installing windows
- Room extensions
- Garages
- Plumbing and electrical work
You can go to the office of your local government in person or online to get a permit. Depending on how complex your project is, you might have to show detailed plans.
Make A Smart Offer
If you can help it, don’t pay too much for a house that needs work. Buying a fixer-upper is all about getting a good deal. Make an offer that is a good mix of a good deal and the cost of any repairs that need to be done.
You should also be able to talk about the price of the item. If the house you want has a lot of flaws, you may be able to get a better deal. Help from an agent will help you make a good offer and handle any counteroffers. If the seller isn’t willing to negotiate, don’t be afraid to walk away.
If you’re open to discussing your options, Elanvital Enclaves can help you out. Contact +63 9271440196 or visit our website for more information.
