5-Point Checklist if You Want to Buy a Fixer-Upper

Are you looking to purchase a fixer-upper property? If you're a first-time buyer, want to live in a better neighbourhood, or just have an appetite for refurbishing and redecorating homes, it would be a good choice if you're trying to save money. However, saving money should not be the sole motivation for purchasing a fixer-upper; there are other factors to consider.

The real estate industry is a lucrative investment option, but it is also a huge gamble.  There are risks involved, and if you're not careful, things can get messy. At a time when technology has levelled the playing field and brought ideas like virtual real estate viewings to the world, sellers have discovered a less expensive way of showcasing properties to a global audience, indicating that the real estate industry is becoming more profitable.

This is why many first-time homebuyers choose fixer-uppers because, unlike other residential properties, the prices of fixer-uppers are unaffected by the state of the local real estate market. For those that are unfamiliar, fixer-upper properties are those that may need some kind of repair, such as redecorating, renovation, or redesign, but can normally be lived in or used as it is. If you believe this type of property would be ideal for you, keep the following considerations in mind.

1. Always Have a Strategy in Place

If you've chosen to buy a fixer-upper, it's important that you have a plan in place, because if you don't, your budget might go haywire due to the amount of money that goes into renovating a house, as well as causing a delay. If you want to do the majority of the repairs and renovations yourself, you will need professional assistance at some stage. Be sure to account for stuff like electrical and plumbing repairs in your budget.

2. Choose Lucrative Ventures

When you're looking for a fixer-upper, make sure you have a good idea of what an ideal one might look like. The ones that only require minor upgrades, such as drywall repairs, paint touch-ups, and floor refinishing, are less expensive than the market value they return. Windows, doors, siding, light fixtures, and remodelled bathrooms and kitchens are all worthwhile upgrades.

3. Don't Go Overboard

Keep in mind the finishes of neighbouring homes. If the majority of the houses have lower-end furnishings, avoid wasting money on granite countertops, luxurious bathroom fixtures, and marble flooring. Make sure the fixer-upper you select is in keeping with the neighbourhood’s standard of living.

4. It's All About the Location

Even if it's a fixer-upper, location is important when buying a home, because you may be able to fix and restore a house, but you won't be able to alter its location – that's the one thing that isn't subject to change. Choose a fixer-upper in a neighbourhood you like – one that isn't near a busy intersection, across the street from a landfill entrance, or next to a hospital. Check out the houses around the fixer-upper you're considering for ideas, and you'll be able to tell if you're making the right decision.

5. Make Sure You Get a Home Inspection

After you've found the ideal fixer-upper for yourself, the next move is to get it inspected. Make sure you have a reputable home inspector along so they can point out any possible defects or important issues so you don't have to deal with them later. It's important to look at stuff like the house's overall layout, crawlspaces, insulation, and foundation.

That's all there is to it! When you're looking for a fixer-upper, keep these five things in mind. There's always the possibility of virtual real estate site visits if you come up empty-handed. Many sellers and brokers use this platform to reach out to a larger audience, and since it is less expensive, there are many virtual choices to choose from. There's everything you like, from virtual real estate viewings to virtual open houses. You might just get what you dreamed of!