Four Things You Need to Know Before You Buy That Fixer Upper
Don't end up in a financial hole when buying a "Fixer Upper". Be sure to check these things prior to buying.
Be sure that the price, while low, reflects the repairs needed. An experienced contractor like Tanguay Homes can help you asses the needs and costs of the repairs that will quickly build up while you create your dream home. Compare it to other homes in your area to determine the homes worth after the repairs have been completed.
Find a home that can be easily improved upon with sweat equity. This opportunity can offer "Instant Equity". Small things like improving the landscaping and reseeding the lawn has a large impact on overall appearance almost instantly.
According to data from the “Remodeling Impact Report" (RIR) from the National Association of Realtors', if these three projects are on your fixer-upper's can increase equity fast.
New roof: While it may not be as fun to decide on as a new kitchen, a new roof
from Tanguay Homes
can actually pay you in equity according to RIR Surveys of average cost of installation making it almost instantly worth it.
Hardwood floors: It costs about $3,000 on average nationally to refinish hardwood floors. The survey indicates you could recoup 100% of that at resale. If you're looking at a fixer-upper (at the right price) that needs the floors redone, that's like getting the floors for free! New hardwood floors are also a good choice at a cost of about $5,500 to install, and could recoup $5,000 of that at resale.
Insulation: A fixer-upper offers a great opportunity to replace or add insulation. New insulation costs about $2,100 on average nationally, and could recoup up to 75%. Tanguay Homes
specializes in cellulose insulation installation. Call today for your assessment.
Be sure that while you look and before you decide to purchase that you have the time and patience to work through your potential to-do list. Refinishing or installing new floors can take weeks, a new kitchen can take more than a month. While they can be a true test of grit, having the time and patience to work through a fixer upper will not only give you a feeling of accomplishment, but your home will be worth far more in equity in the end.
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