If you're a DIY-enthusiast in the market for a new home, it may be beneficial to learn how to get a fixer upper. Fixer-uppers have low purchase prices because they require major repairs, whether structural, aesthetic or both.
Fixer-uppers are also a popular choice for those wanting to flip properties for profit in the marketplace. So, how do you go about finding and buying a fixer upper house?
The first thing to do when thinking of buying a fixer upper house is determine whether you can actually afford to make the necessary improvements to the home. Create a detailed list of projects, and include estimates for materials and labor. If you need a contractor, get multiple quotes to compare rates.
Regardless of the home's condition, you'll likely need a mortgage. The Federal Housing Administration (FHA) offers different types of rehabilitation or remodeling loans to consider.
With this type of financing, you can both purchase the home and save money in an escrow account for future repairs.
A real estate agent can help you not only find the right fixer upper home, but offer valuable advice on improvements to prioritize. We may also be able to recommend professionals in our network, such as contractors and home inspectors.
If you plan to fix-and-flip your project home, it's crucial to keep a close watch on the local market. Consider the amount of money you plan to put into the home compared to the purchase price of similar homes in the area.
This can help you avoid overspending and ensure you place your home for sale at the best possible time.
Is a fixer upper right for you? Keep these tips in mind when beginning your home search, whether you plan to customize your dream home or make a big profit.
Licensed since 1983 Donna is a well known and well respected veteran of the local real estate market. Donna has made her mark as both a manager of a brokerage firm and as an agent. Ms. Coakley McGowan has participated in extensive training in residential real estate and specializes in both Buyer and Seller Agency.
"I am extremely pleased to welcome an Associate of Donna’s caliber and expertise” said Judy Leonelli, Owner. "I have known Donna for many years and have admired her professionalism and talent for the pragmatic resolution to the difficulties that can arise during a transaction. When Donna is involved you know there will be a successful outcome.”
Ms. Coakley McGowan has lived in Upton since 1995 and knows the area and all of its attributes. She currently serves the Town of Upton and the Regional School District as Chairperson of the School Committee. She and her husband Mark and their two children reside in Upton.
