When you’re thinking about buying a house, one of the considerations you need to make is whether you want a “move-in ready” property or a fixer-upper that you could renovate to your liking. If it’s the latter you prefer, you should make sure that you know what you are getting into. Many property buyers make the mistake of buying fixer-uppers only to realize that the process of getting in shape can be more than what they’re happy to handle. 

If you are intent on getting a home that you could renovate, here are some things that you need to consider:

What a Fixer-Upper Is

A fixer-upper is a home that often comes with an attractive price tag, but only because the buyer would need to invest time, effort, and money to make it livable. There are different types of “levels” of a fixer-upper, with some only needing cosmetic updates like a fresh coat of paint or a flooring replacement. In contrast, others have serious structural issues that need to be addressed. 

Before you consider investing in one, you should make sure that you know exactly what is required to get the home fixed and updated. Then consider your schedule, your budget, and your overall know-how of things like renovations and design. 

Tips to Consider Before Buying a Fixer-Upper

Closely Look at Every Nook and Cranny

When you are assessing a house, keep an open mind but pay attention to everything you see. For instance, try to look past things that can be easily changed, like paint, carpet flooring, tiles, or cabinets. However, you should focus on more important things that could be more costly to alter or fix, like the foundation, the layout and structure of the home, the heating, cooling, electrical, and water heater system, and the overall flow of the house. 

Estimate Generously

When you’re estimating the costs for the renovation, do it generously. Always consider the possibility that the materials and the labor costs have increased. Also, make allowances for any unforeseen issues that could arise. Even trusted online tools that can help you determine the renovation cost could be surprisingly off-base, and you certainly wouldn’t want to find yourself having to stop mid-project because you lack funds. Adding 5% or 10% more to the total estimate would be good for those surprise extra costs.

Predict the Market Value

It may be hard to determine the house’s market value by yourself, especially if this is your first time selling your house. 

One thing you can do is to approach a trusted real estate agent who can provide you with sound advice and give you an idea of how much your fixer-upper could sell after the repairs. They can do it by checking comparable properties in the same neighborhood. 

Get the Help of a Professional Inspector

You might have a good eye when it comes to home styles and designs, but you’re probably not as good when it comes to identifying structural problems. Only a professional inspector can check the house thoroughly and ensure that you won’t be biting off more than you can chew. 

Conclusion

Remember that when it comes to buying a fixer-upper, it is crucial that you completely understand what you’re getting into. Know the actual condition of the house, the cost of all the repairs and renovations needed, and how much you can sell your house for in the future. You need to consider all these factors before deciding to invest in a fixer-upper. 

If you are in search of a tried and tested cash house buyer, come to Greenlight Offer. We have bought and sold more than 350+ homes in the Houston area over the past five years. Unlike other house buying companies, we have a local office right here, so we know what the right offer is for your house. If you want to sell your house, we are the BEST option.

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