Consider this before closing on a property that needs work.
For many homebuyers, the idea of buying an older property and renovating it into their dream home is very appealing. However, many buyers do not anticipate all the responsibility and potential problems associated with closing on a fixer-upper. Here are some of the things you should consider before closing.
Cost
Fixer-uppers are usually less expensive because the seller understands that the home needs a lot of work. However, if the home is in need of major repairs and renovations, then the low selling price may not offset the amount of money you will need to invest in the project. Before you buy a fixer-upper, have the property carefully inspected and discuss your plans with a seasoned contractor. They will give you a better idea of just home much it will cost to create your dream home.
Time
Home renovations always take time. Depending on the scope of your renovations, it can be months or even a year before you and your family are able to move into the home. If your family cannot handle such a long disruption, then you may be better off looking at more move-in ready properties.
Minor Vs. Major Projects
Many homeowners underestimate the scope of their renovations. To help you understand the scope of your project, here are some of the most common minor and major home repairs.
- Minor:
- Patching and painting walls
- Refinishing floors
- Laying tile or carpet
- Installing light fixtures and switches
- Fixing broken windows
- Installing new or refacing existing kitchen cabinets
- Replacing doors
- Painting the exterior
- Adding a deck
- Major:
- Replacing HVAC systems or adding central air
- Fixing foundations
- Replacing the roof
- Installing new plumbing, sewer lines, or wiring
- Replacement windows
- Kitchen and bath remodels
- Building garages and additions
These are some of the major issues that home buyers need to consider before closing on a fixer-upper. Are you looking to buy or sell in the Hermosa Beach area this season? If so, contact the experts at Brighton Escrow to get the top-tier escrow service you deserve. Serving the Hermosa Beach area, we are ready to make home buying and selling a breeze.
