5 Tips for Buying a Fixer Upper

The market can be tough right now if you’re trying to buy a home. Because of this, you may start to cross items off your “must-have” list or you may even look at buying a home that needs more work than you would normally have considered doing.

But before you do so, you might want to consider a few things:

  1. Get a home inspection before signing on the dotted line. We recommend this to our buyers no matter what, in most cases. But, if you already know your home is going to take some work, you might as well find out how much. Be sure you know what you’re getting yourself into.
  2. Determine if you’ll need a fixer upper loan by determining what your renovations costs might be. Especially in this market, with supply chain back logs, you’ll want to have a clear plan for how to afford the necessary products, professionals and timeline you’ll need to get these renovations completed.
  3. Be honest with yourself about your abilities if you plan to do any renovations yourself. Learning as you go can be a fun hobby, but if having a working bathroom means relying on skills you’ve learned from You Tube, you may want to bid that job out.
  4. Check with local government or homeowners’ associations to determine if there are permits you need to acquire or rules you need to follow to get the renovations completed and approved. You may want a polka dot chicken coop in your side yard. But is that really an option for the house you want to buy?
  5. Make an offer that is realistic. You don’t want to offer more than you can afford before you even start renovating, just to get the property. And you don’t want to lose the property because you’ve factored in too many renovation “wants” when so many others will be giving a better offer.

When you’re ready to buy, especially if it’s a fixer upper, using an experienced real estate agent is so important. We can help you decide on a smart offer, whether to negotiate and help you find your dream home (even if it needs some help) if you decide to walk away and keep looking. So, are you ready to grab that hammer and paint brush?