How to Spot and Buy a Fixer Property
If you are in the market for a fixer there are several things you need to be aware of. Are you even in a good position to buy a fixer property?
Here are some ways to tell:
- You have extra cash for repairs
- You can feasibly make some or all of the repairs or updates yourself
- Stay on top of the budget
- Know your fixer area and location
If you know the area, and your Alamogordo real estate agent can help you with this, you can do some or all of the repairs yourself and have the cash on hand for repairs needed then you are ready to be on the look out for the perfect fixer property.
Some key things to look for in a fixer:
- A neighborhood that is appreciating in value. Are the homes kept up, flowers and lawns neatly trimmed and cars kept in good repair in driveways.
- Make sure you are not overpaying for the fixer property by having your agent check the comparables in the area.
- Always have an inspection. Be sure you know what repairs will need to be done before you can sell the home again and how much these will cost you.
- Get bids from contractors on any major work to be done. Before you buy make sure this is a reasonable fixer property aimed at recouping the costs.
- Be wary of major structural problems like outdated wiring, bad plumbing or anything that might require an entire breakdown of the home to repair. Unless the recouping costs would greatly out weigh the repairs, this may not be something you want to jump into.
Remember that starting a fixer property job will always cost more and be more work than first imagined. Plus it may take longer than originally mapped out so be aware of these issues before going in. But finding the right fixer property can be done and we have some excellent options around the Alamogordo real estate area we would love to show you. Get started online here or give us a call and we would be happy to help find your perfect fixer property.