Every property owner should know that Spike TV has a show called: “To Cath a Contractor.” It’s more than just entertainment—it’s a lesson on the dangers of hiring the wrong person for the job. While incompetents and scam artists are by no means the majority, the fact that this show exists underscores the importance of doing your homework when figuring out how to find a good contractor. The good news is that most contractors are professionals trying to make an honest living doing what they love.
If you’re in the market for a fixer upper, you are not alone.
There are many people that are opting to purchase a home that, in it’s current state, would make Bob Vila cry.
For starters, fixer uppers could be purchased for a price so low it’ll make you giddy, while other benefits include being able to create a uniquely designed home suited to your own taste and potentially making a handsome profit if/when it comes time to resell.
Before you start scouring around for the perfect fixer upper, here are a few things to keep in mind.
Do-It-Yourself
The ideal fixer upper is the one that has mostly cosmetic issues. Remodeling tv shows everywhere make us think that turning a home from a dilapidated mess into a space befitting a king is as easy as building a LEGO set, but, in reality one should be honest about what they can actually do themselves. In the end, a bad DIY job could become a serious financial, physical and emotional burden.
Inspection
Before you buy, have a certified and experienced home inspector evaluate the property. You want to avoid getting yourself into a money pit so deep, you’ll forget what daylight looks like. There are many different types of inspections and professionals to help you create an accurate assessment of the property you’re eyeing.
Cost
When you are ready to put an offer on the fixer upper property of your dreams, you should consider the fair market value less any upgrade/repair costs. Consider if you can negotiate on the purchase price. Some buyers are eager to sell and will possibly be flexible.