Found fixer-upper? Follow these seven tips to determine how much it will cost to renovate, how much you can afford, how much to offer, and whether investing in a fixer-upper home is right for you.
•Assess what you can DIY - Tasks like stripping wallpaper or painting are easy enough for amateurs. Advanced work like electrical is best left to the professionals.
•Get a quote for the renovations before making an offer - Have the contractor do a walk-through or at least price the supplies if you plan on doing the work yourself.
•Check the cost of permits.
•Double-check the price of major structural work - Hiring a structural engineer is a good idea if your fixer-upper needs significant structural work. Remember to get all quotes in writing and don't invest in this type of property unless it's at a steep discount.
•Budget for your down payment and closing costs - Special financing options for fixer-uppers are available. Request more information from your trusted mortgage professional.
•Calculate a Fair Market Offer - Work with a real estate agent to help you figure out a fair offer.
•Include Inspection Contingencies - Most home inspection contingencies let you go back to the seller to ask them to do the repairs or pay for the repairs. Alternatively, you could back out of the deal if the inspection reveals something you don't want to deal with.
Mark Liesner, RMLO ID #1445514, Licensed in Texas (but I can help in most states). Edge Home Finance Corporation, 4530 West 77th Street, Suite 365, Edina, MN 55435 NMLS ID#891464 Copyright © 2024. All Rights Reserved. Equal Housing Lender.This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates, and programs are subject to change without prior notice.All products are subject to credit and property approval. Not all products are available in all states or for all dollar amounts. #multimillonaire #240 If you are refinancing your existing loan, your total finance charges may be higher over the life of the loan. Other restrictions and limitations apply. Residential Mortgage Loan Originator.