Are You Ready to Buy a Fixer Upper?

Are you ready to buy a fixer-upper? We’ve all seen those fix-and-flip shows on HGTV, and home renovation projects can certainly be a fun, challenging experience. There are a few things you need to take into consideration, though, before you can really know whether you’re ready to take on this challenge. First of all, the homes you shop for should have enough equity that you can spend money without over-improving them.Also, make sure you’ll be able to get your money back when the time comes to sell your fixer-upper. To find out more, watch this short video.

Hiya this is jason daniels with jason daniels and associates at remax millennium hey today i wanted to talk to you about are you ready to buy a fixer-upper now everyone’s been watching chip and joanne’s game show fixer-upper and flip this house and flip that house and flip this ladder in that ladder whatever but really it can be fun it can be a challenge and

Are you ready for it so i want to let you know i have a background in construction management and i’ve actually flipped home as myself a lot of people want to buy a fixer-upper to move into it so i have clients that can do that as well but you really want to make sure that you understand what you’re getting into because it’s really a long project unless it’s just

Paint and carpet then you could you know we’ve had clients that have bought homes with structural damage bad roofs you name it so there’s a lot of different scales so what i recommend is you get with your realtor and make sure that you understand the process and that your realtor understands the process so it’s gonna be kind of like shopping for another home with

A few differences obviously the homes that you’re going to look for you need to make sure there’s enough equity that you can put more money into it so you’re not over improving the property you want to make sure you’re getting a good deal anytime you get a fixer-upper whether you’re wanting to stay in the home or move you’re gonna make sure that if you had to sell

You could sell and get your money back so you make your money when you purchase the home so you want to keep an eye out for estate sales foreclosures possible homes that were rentals that our landlords are just tired of that are kind of rough around the edges and make sure you make your money when you write that offer and get get it at a lower cost but before you

Do that you want to make sure you do your due diligence and again make sure your realtor understands and it’s also a good idea to have a contractor unless you’re handy or understand it you know there’s a lot of research involved if you’re new to this and we can help you do that at our office you want to make sure you price out flooring and cabinets paint those

Kind of materials so you can go through the each house and have an estimate of what those repairs are gonna be before you make the offer so you want to make sure you do your research upfront when it comes to that but just know i’ve seen home renovations and these fixer projects almost in people’s marriages so you have to make sure you’re on the same page and you

Have time to do it because if you’re a busy working professional most likely you’re not going to have time to do a fixer-upper especially if you’re doing the work yourself so that’s the other thing is you need to decide am i going to hire a contractor to do the work or am i gonna try and do most of the work myself now if you do most work yourself if you’re able

To do that you can build a lot of sweat equity which is great but if not it can turn out what i call like a johnny joe homeowner fix and then it really does not look good and it can be kind of frustrating for the homeowner in long run so really know your skill level before you jump in and purchase something because some people get in over their heads and end up

Having to sell it or live in a constant rehab project that they’ve never quite finished so again remember those key points find a good realtor find a good contractor or do your research and the last thing i want to talk about is financing there’s some great products out there now it used to be the only way you can really finance a fixer-upper was through fha

203k so there’s two there’s an fha 203k and there’s an fha 203k streamline loan which will allow you to finance the cost of the property as well as finance the work now that does require a contractor for most the ones that allow you to finance both but now there’s also products that are conventional products that you can also finance both so if you’d like more

Information about that please reach out to me you can click on the link below to search for homes contact us we’re happy to help you again with my construction background management experience some agents in my office we can certainly help you and you’ll be smiling like chip and joanna gaines and you get done with your project so we’ll talk to you next time thank you you you

Transcribed from video
Are You Ready to Buy a Fixer Upper? By Finch \u0026 Gable Real Estate Co.