Sign On The Dotted Line

Few home buyers are really in the market for fixer-uppers, or houses that need work. Most people want to move right in and enjoy the benefits of their new house without immediately needing to dive in with repairs and elbow grease. But if you want to own your own house and you’re willing to do a little work, a fixer-upper can be just the ticket you’ve been looking for. The competition for these homes is low, giving you time to assess whether the amount of work needed is worth the overall savings.

The ideal fixer-upper requires minimum work, has been on the market for some time, and is being sold at a substantial savings. You can often find fixeruppers that have been on the market for six months to a year and are being sold for 20 to 30 percent off the market price. Sometimes just a fresh coat of paint, some new windows, or aluminum siding can make a forlorn home dynamite.

An older home with avocado green appliances, gold carpets, chipped paint, and out-of-date flooring can be a real eyesore, but if you look beyond the surface, you may find that cosmetic problems can be easy and cheap to fix.
Major renovations like a new roof or foundation repairs are expensive and don’t usually give a good return on the monetary investment when you resell.

If you’re thinking of eventually reselling the fixer-upper for a profit, the most profitable repairs are the simple ones like adding new wall-to-wall carpeting, painting the house inside and out, replacing kitchen cabinet doors, landscaping, adding new lighting fixtures, and installing up-to-date appliances (new refrigerator, range, dishwasher, and built-in microwave oven).

Always have a fixer-upper carefully inspected before you sign on the dotted line.