What Are the Pros and Cons of a Fixer-Upper?

Many people love the idea of a fixer-upper, but there are four things you should know before you buy one.

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Have you ever thought about buying a fixer-upper? Many more people are getting into this portion of real estate thanks to shows like HGTV's Fixer-Upper, which takes place in Waco. Can anyone do this successfully and profitably? Absolutely, there are a lot of people who do. However, it's possible to buy a fixer-upper that turns into a disaster. If you're considering buying a fixer-upper, there are some crucial things to remember.

First, not every house is going to be a diamond in the rough. Some simply need too much work just to make them livable. Consider location and condition, because you want a house that will maintain its value or increase in value over time. If the house has been very poorly maintained, the cost of reviving it could be extremely high. Just because a house needs a lot of work doesn't mean you should pursue it.

Next, remember that you have to get a home inspection. I can't tell you how important it is to bring in a professional inspector to look at the bones of the house to really get a good idea of what you're getting into. Any serial flippers will tell you stories about a project turning out to be way more than they expected. You can't always prevent it, but the inspection will go a long way.

Not every house is a diamond in the rough.

Then, if you're thinking about moving or removing walls, you might want to bring in an architect or engineer to the house to evaluate some of these things. You don't want to be surprised by these things down the road after the renovation has begun.

Finally, consider who is doing the renovating. There's nothing against doing it yourself if you've got the experience, but if you don't have experience renovating houses or doing handyman work, then you'll need to consider the cost of delegating those items to a professional. Make sure everyone doing the work is experienced and won't get overwhelmed.

If you have any more questions about taking on a fixer-upper or a major renovation, feel free to give me a call or send me an email. I'd be happy to answer any questions you have or put you in touch with a great contractor for any projects you're thinking of.