What Austin Home Buyers Should Know Buying a Fixer Upper
Austin home buyers will find several properties on the market that are fixer uppers. These are homes that need moderate to significant amounts of repairs in order for the property to be in good condition. There is no doubt that such a home can be a very valuable investment. However, before you begin buying a home in Austin that fits this classification, be sure you are up for the challenge. And, if you do plan to buy a fixer upper, these tips can help you to avoid complications along the way.
What's the Damage?
The first thing to do before buying a home in Austin that is classified as a fixer upper is simply to focus on knowing what the damage level actually is. In other words, have a home inspector come into the home and look through it. Even if you do not plan to make all of these changes and upgrades, you need to know about the problems present here. Important components that often weigh the heaviest on buyer budgets include:
- The roof system
- The HVAC system
- The foundation
- The home's appliances
- Pest problems, especially termites
A professional will tell you about the potential problems so you can make a decision about not only whether or not you want to tackle these concerns but also what it will cost to make them.
Can You Do the Repairs?
Not everyone can or should handle these types of repairs on their own. It is often best for individuals to work hand-in-hand with a contractor to understand the extent of the damage and what it will take to upgrade. Keep in mind that it may seem easy enough to make these updates and upgrades yourself, your city may only licensed professionals to do the work.
Consider licensing requirements, work permits required, as well as the time investment it would take for you to learn how to do these tasks and to complete them. Often times, it is best for the inexperienced handyman to allow a professional to do the work instead. It may even save you money in the long term.
How Long Will It Take?
Another consideration is the length of time it will take for these types of upgrades to take place. Often time, homebuyers buy fixer uppers thinking they will only need a few weeks to make the improvements only to find out that it takes much longer. Austin home buyers need to be aware of the true length of time it will take to make such upgrades.
What Is the Real Cost?
After considering all of these factors, those people buying a home in Austin need to also focus on the actual cost involved. You'll need to pay for labor costs as well as material costs. You'll need to pay for taxes, mortgages, and utilities during this time too. In many cases, you will be unable to move into your new home until these changes are made and the home is in livable condition. This could mean paying for your current home alongside the new costs. Utilize a tool such as a value calculator to help you to estimate accurately the cost of the repairs.
A fixer upper can be a good investment, but only after you have taken the time to consider all of these factors. When buying a home in Austin, talk to you real estate agent about these potential good deals. Be specific amount the types and level of damage you think you can handle. Austin home buyers with this information often make wiser decisions that are often more profitable.