Tips to help when buying a fixer-upper property
Are you buying a fixer-upper property? It’s important to know what to look out for when you’re purchasing a house that requires renovations. Before you make a decision, you’ll need to assess the property to make sure that you can complete the necessary repairs without exceeding your budget. When you know what to look out for, you can find houses for sale on GotProperty.
1. Consider the location
The neighbourhood where the house is located will have a huge impact on its value. If you find a property in a good area, you’ll get a better return on your investment once you’ve finished the repairs. Be sure to check the crime rate in the neighbourhood and the security on the property since these factors will impact the value of the house. Nearby amenities, such as schools, shopping centres, and transportation networks, will also determine how much the house is worth.
2. Get smart with space
Evaluate the fixer-upper property for opportunities to maximise on space. Smart renovations that make use of extra space give the value of the house a boost. You can change an old cupboard in the kitchen into a pantry for added convenience or turn a storage room into an office.
3. Check the doors and windows
Assess the condition of the doors and windows as these parts of the house are expensive to repair. If they need a quick coat of paint and minor repair work, investing in the property could be worth your while. However, replacing all the doors and windows is likely to be out of your budget.
4. Have vision
A house that needs plenty of repair work may put you off with its initial appearance. Old carpets and peeling paint can be a huge deterrent. To discover properties with hidden potential, you’ll need to look beyond their aesthetics. Rather than basing your decision on what the house looks like, assess how much the repairs will cost.
5. Get expert advice
If you don’t have experience with renovating houses, knowing how much it will cost to get the property back into shape can be challenging. You don’t want to land up investing in a home only to realise that the repair work is way out of your budget. Consult with experts such as a reliable builder to get a quote on how much you’ll have to spend on renovations.
6. Stay away from structural damage
Fixing structural damage is expensive so it’s best to avoid properties with this type of problem. Look for houses with great structural integrity and focus on upgrading the aesthetics of the house. Uneven floors and poor wiring are problems you definitely don’t want to take on as a new homeowner. Likewise, termites and plumbing problems are more trouble than they’re worth.
7. Do your research
Research the market value of the other houses in the area. This will help to ensure that you’re paying a good price for the property as well as determine what its value will be once the renovations are complete. Review the market demand to assess the likelihood of the house selling when you decide to put it on the market.
8. Review the layout
Assess the layout of the house’s interior. While it is possible to add or remove walls, these adjustments are more expensive than purely cosmetic changes. How the interior of the house is designed will determine how much light enters the rooms. Houses with more natural light inside the rooms are more sought after than those with dark interiors.
Now that you know how to choose the right fixer-upper property, you can start viewing houses. Find a wide range of affordable homes for sale on GotProperty.