After watching the DIY network for years I know many people who want to try a fixer-upper. Finding a fixer-upper property, in Northern Colorado isn’t too easy but there are properties. Realistically, wanting to tackle buying a home that is in need of work takes serious skill and planning. Here are a few tough questions to ask yourself before buying a house that needs repairs.
What is the Cost of a Fixer-Upper?
It may be easy to spot a property that is considerably lower in cost than those around it. Obviously, there are many reasons that a property price is lower than other homes in a given area. Most of the time this means that the property is being sold, as is, and needs a substantial amount of work. There are numerous factors that go into the cost of a fixer-upper, other than just the initial purchase price. Other considerations are the cost of renovations needed, structural work, financing, and permits. All of these areas will take money out of the budget very quickly.
Don’t Go Sight Unseen
Some TV shows would show homes being purchased sight unseen. This is really risky in the fixer-upper world. For someone who is new to trying to purchase a fixer-upper, it is important to get estimated costs of the renovations before an offer is made. There is a fine line between price and investment that needs to be handled carefully and with a lot of thought. Knowing the estimate of what it will cost to make the property viable as a home is important.
What Are Your Skills
This is more than just a weekend honey-do-list. Do you really have the skills and know-how that it will take to properly renovate and build? It may seem like a good idea to go in on a weekend fixer-upper project with friends but proper construction takes skill and knowledge. Do you plan on doing it yourself? Are you going to hire a crew? Be ready for blood, sweat, and probably a lot of tears if you are going to try this endeavor yourself. Be sure and check with us about available fixer-upper homes in the Northern Colorado area. We are happy to help and discuss options with you.