Who doesn’t love a deal. They’re always appealing, especially in a hot market. After all finding a fixer upper at a ridiculous price is tempting but if you aren’t careful it can become a serious drain on your finances and even mental health. We’ll take a look at some easy signs your fixer upper should be ditched.
#1 – Bad Location
Being in an unsafe part of town, already makes a fixer upper less desirable. But there’s something many buyers overlook and that’s the structural location of the home – it’s not just the neighborhood sometimes!
Many homes were built before flood water maps, let alone legislation, even existed. In some areas, homes are known to flood every spring for example, but if not disclosed to you it could be a major headache. There could also be seasonal infestations that come with living in the region. It’s essential you find a REALTOR® with the right experience and enough integrity to steer you away from the bad spots. Our free service can find you a great local REALTOR® in hours – just click here to find out more!
#2 – Bad Layout
If you think you’ve seen it all wait until you’re introduced to a home that has bathroom and kitchen in close proximity or bedrooms that you need to walk through to get to other bedrooms! It may not seem like a bad idea at first but if walls are thin or you live with children, residing in that home can have its upsets to say the least. It may be the reason your fixer-upper was such a great deal.
#3 – Bad Plumbing or Electrical Wiring
If you need to spend a fortune on repairing the plumbing and wiring in your new home just to make it livable it’s really not such a great deal after all. But if you’re still unsure get an inspector, electrician and plumber to visit the home to get their take and estimates on the repairs needed. If you are confident enough to put an offer in, you can always have a home inspector come in while the home is in escrow (before the deal is firm and final) to help you discover any hidden surprises.
#4 – Badly Completed Renovations or Repairs
If a house has had major renovations and is still listed as a fixer-upper, take note. Similarly, if it has been sold and flipped two or three times in recent years this could also be a red flag.
Either the renovations were substandard and would need to be removed and redone or this home is just beyond repair. Worse still the home may have underlying issues sellers may not want to reveal to avoid buyers losing interest in the property. Similarly, be wary if the house shows signs of natural disaster damage like foundation damage due to flooding or if the home has been extended. These could be illegal additions that aren’t up to code. Avoid these – they cost a lot and will make you a grumpy real estate investor!
#5 – Structural Fundamentals
This is the most important thing to avoid when fixer-upper-hunting, because these problems will take time and lots of money to repair – turning your deal into an ordeal. The structural fundamentals include: load-bearing walls and the foundation. Essentially the integrity of everything that’s holding your home together. If there is anything questionable about the foundations or the drainage – look for slanting floors and water damage, for example – this isn’t the fixer-upper for you. If you can’t resell the property, it isn’t a good price.
A good deal really isn’t that hard to come by but if you know what should be avoided and what to look out for, you could find yourself getting your dream home at a bargain. And don’t we all love bargains!
If you’re still interested in finding out more about your fixer upper, user our free service to find a REALTOR® that specializes in flipping homes where you live – all within hours! Click here to find out more – we are happy to assist.