Thinking about buying a fixer upper? Advice for Dallas Home Buyers
Dallas home buyers may overlook certain properties in and around the city because they are fixer uppers because they are not the most attractive properties on the market. However, many of these fixer uppers have a lot of potential if purchased at a good price and fixed up to your liking. The secret is knowing which homes are a bargain and which homes are irreparable money pits.
Benefits of buying a fixer upper
Buying a fixer upper in Dallas has a number of benefits, not the least of which is its price. Below are just a few examples:
1. Less competition among homebuyers. Since many buyers aren't able to see themselves living in a home that's not completely finished or is in disrepair, these types of homes are not the most popular. Many buyers don't have the time or skill to finish the repairs needed on the home, so there is generally much less competition for fixer uppers.
2. Price. Since the homebuyers will need to spend money on repairs, the upfront cost of a fixer upper is going to be less than a comparable home with few or no repairs needed. Although you'll need to spend money fixing up the home, you can still come out ahead if you choose your property wisely.
3. Ability to personalize the home. Fixer uppers are great opportunities to add your own personal touch. Buying a home that needs repair allows you to customize the home to your taste. For instance, by remodeling a dated kitchen yourself, you get to choose your own countertops, flooring and cabinets.
Things to consider when buying a fixer upper
As enticing as some fixer uppers can be, it's important to realize that not all such houses are diamonds in the rough. Some homes that need a little work actually need a LOT of work and can quickly become a drain on your financial resources. How can you tell if the home you are considering buying is a good candidate for fixing or not. Below are a few tips:
1. Hire a certified home inspector. Hiring an independent, certified home inspector is a good idea when buying any home, but it is essential when considering a home that needs repair. Even if the seller is not going to fix all of the problems that the inspector finds, you still want to be fully aware of the all the repairs that are needed in the home before you make the decision to buy. A good inspector will walk you through the home and explain any problems he finds.
2. Can you do the work yourself? Doing the remodeling/repair work yourself versus hiring a contractor can save you a lot of money. However, some Dallas Homebuyers may think that they can save money by making some repairs themselves even though they've never attempted a home remodeling project before. Being realistic about your skills will help keep you from underestimating the time and money that it will take to make your new home a showplace.
3. Do you have a realistic budget and time table for the repairs? Just as it's important to be realistic about your remodeling skills, it's important to be accurate about how much the necessary repairs/remodeling to the home will cost and how much time the work will take. One quick and easy way to estimate these costs is to use an online calculator, such as the one at remodeling.hw.net.
Buying a fixer upper can be a great opportunity for Dallas homebuyers to find a good deal on a home for their family. The secret is to take your time and choose carefully and objectively.