While the market conditions are hot at the present time it is hard to find your real dream home in the right position at the right price…
So the alternative is to buy something that is the right size, and is in the right position but is not the style and quality that you were looking for, and it needs work, perhaps even lots of work to make it into the home you have always dreamed about..
The fixer-upper!
This is the great alternative to buying your ready made dream home, however you do need to know what is in front of you and how much work you will be required to do and how much money it is going to cost you. Obviously the home that you need to fix up is going to come with a much lower price tag, but you do need to carefully consider the costs involved in turning into your dream home.
You need to assess the costs and ask yourself if the up grade will be cost effective and if it will achieve your goals:
When the upgrades are simple
You need to look carefully at the repairs that need to be done, we would recommend that you get a building and pest inspection so that you know that the repairs that you have to do and not major structural repairs and that the things that need doing are basically cosmetic repairs and are things that you can do yourselves.
This meant forgoing homes with any major foundation, electrical, or plumbing issues.
Things perhaps that require a full repaint, with all new trim; replacing the kitchen cabinets and countertops, and adding new light fixtures and door handles, new toilets and sinks are recent are also important.
When the numbers add up
“Fixer uppers only make sense as long as the numbers add up. You need to get some professional advice. Norma McGovern form Margaret Price Real Estate is a good place to star. Norma a long term real estate professional knows how to price a property for sale and can tell you if the improvements you are about to make will in actual fact improve the value of your home to cover the costs of your investment
Remember, a fixer up can be fun to do and if you are careful you can end up with your dream home at a fraction of the cost, but there are pitfalls and you do need to be aware of them otherwise you may regret your decision to do all the hard work and not receive the financial reward or the pleasure from your new home.
