Caution When Purchasing a Fixer-Upper and Older Home

Dated: October 31 2020

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Caution When Purchasing a Fixer-Upper and Older Home

Caution When Purchasing a Fixer Upper and Old Home

A fixer-upper is a handyman's special. And it needs TLC. No matter how you phrase it, buying an ugly house means that you are signing up for a bit more work than any other home. Here are a few tips if you are looking to purchase a fixer-upper.

Take a good look at what needs to be done. Look particularly for structural issues like foundation cracks, water damage, and problems with rot or termite damage. If there are structural issues, bring in a contractor to give you an estimate as to the costs to repair.

Make a list of all of the repairs that are required and the estimated cost. Even if you intend to do the repairs yourself, it is best to use a cost estimate as if a contractor is doing the work. That way, if you do the work yourself, you will come in under-budget. It is not unusual for construction projects to cost more than expected, particularly if the work required is extensive.

Have your real-estate agent provide you with an estimate of the market value of the home as if it were in good condition. With that number in hand and your cost estimate for fixing the needed repairs, you will know what a fair price is to offer on that fixer-upper. 

There are many advantages to owning an older home. You oftentimes get better craftsmanship in an established neighborhood with character. But, you might also be challenged with a home that needs updating to be practical for today's families. Here are a few tips on updating an older home

Many older houses have several small rooms, while today's families prefer more open floor plans. Look for ways you can open up your home. Possibilities include knocking out non- structural walls. When you open up a room, you create a sense of flow in the house that can transform the feel of the home

One of the largest advantages of an older neighborhood is the mature trees and plantings. However, if they are not trimmed back, they can overwhelm an older house and hide its beauty. Take a good look at the landscaping with an eye at trimming, pruning and removing plantings that are no longer of an appropriate size in relation to the house. Older trees can often be left alone, but it is worth looking at pruning dead branches or overhanging branches that are dangerously close to power lines or the house itself

Look for ways to bring more daylight into your home. Higher wattage bulbs can make small spaces feel larger. Selecting a lighter paint color and carpet can also brighten up dark rooms. Dark paneling or cabinetry can also make a room look darker than necessary. Consider painting with a lighter color to brighten the room.

If you need more information about purchasing a home whether a fixer upper, first-time, move-up or waterfront homes, call our The Ally Group at 704-975-2429.

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Albert & Lynn Alvarez

Unparalleled Customer Service! Meet The Ally Group team member, Lynn Alvarez. You need an educated, caring and knowledgeable real estate professional who stands by you through the whole process. Tha....

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