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Fixer-Upper to Dream Home in a Snap!
By jason | March 24, 2008
You will be surprised to know that fixer-uppers usually cost 25 percent less than most real estate properties. Buyers and investors have always considered these properties to have the most return potential. If you are considering on buying one for personal use or investment, then you should know how to turn a fixer-upper into your dream home.
Find the Perfect Fixer-Upper
The key to converting a fixer-upper into a dream home easily is finding one that requires very little fixing. The foreclosure market is actually a good source of fixer uppers. These foreclosure homes are sold at a fraction of their current market value and you can save as much as 40 percent. If you are lucky, you can find one whose owners made an effort to take care of the property, leaving you with very few things to fix and improve.
Have the Fixer-Upper Inspected
Although home inspections are standard practices when buying a real estate property, it is particularly important that you have a fixer-upper inspected thoroughly. In the case of a foreclosure property, it would be best if you check for major damages and discussing them with the seller before closing the deal. If you fail to do this, you might end up spending more money than you initially anticipated.
Determine Cost
In order to complete the transformation of your fixer upper into your ideal home, you should make sure that you have drawn up a budget. You should make sure that you make some allowance for extra expenses that you might have forgotten to consider. An additional 20 to 40 percent on your budget should cover these unforeseen expenses.
Fixer-uppers, especially foreclosure homes, are the ideal real estate properties to buy if you want to save on cost. The best thing about these foreclosed homes for sale is they provide you with instant equity. Not only will you have your dream home but you also ended up with a worthwhile investment.
Topics: Distressed Homeowners |