What to know before investing in a fixer upper 9 21 22 Client

The Nathan Clark Team

When it comes to fixer-uppers too many prospective home buyers tend to have a romanticized version of the entire renovation process and are shocked when confronted with the hottest reality that’s why it’s important to do your homework and run the financial numbers before purchasing a fixer-upper may be a good investment but it can also be a giant money pit i think

Of that movie the money pit out there when they bought the expensive house it was just problem after problem we’ve seen that a lot of times in real estate and the biggest reason is because people didn’t run the numbers before they bought it and they far underestimated that this is nathan clark with your home sold guaranteed realty here in rhode island in this video

I’ll discuss what to know before investing in a fixer-upper if you’d like more real estate advice like this check us out at nathanclockteam.com and don’t forget to like and subscribe below let’s get into it first myth about fixer-uppers that you can buy the home at a low cost and flip it for a profit fixer-uppers don’t necessarily mean you’ll make big bucks think

About what you purchased the home for and what it could be worth after remodeling depending on factors like the surrounding area the extent of damage the cost of repairs and state laws regarding home estates your profit may not be quite as stiff as you hope to be before purchasing a fixer-upper speak to a real estate professional for information about the area and

The end goal of the property they can let you know if the vessel is worth your time and help you avoid getting into the money pit the second myth is that it’s cheap to repair fixer-up or home renovation shows always show you know people fooling around and having fun it’s fun easy profitable while it’s true that some fixer-uppers come cheap that’s not always the

Case fixer-uppers can be expensive even if they really run down expecting to buy a house for 100k and flipping it for 300k or more is not always plausible and if you do purchase a home at a low price the cost of renovations can completely eat at the potential earning so third you have to purchase the fixer-upper as is you don’t have to take the fixer up at face

Value that’s a myth what seems like a good deal on the outside might not be worth it once you take a closer look at the home the best way to see what the home is really worth is by hiring a professional home inspector and a home inspector is typically very inexpensive compared to what they’re going to save you and it helps protect your investment by taking you

Through the extent of the damage of the home you can use the inspection results to calculate the amount of required renovations weather renovation outweighs the cost in the long run depending on what the repairs are needed you can use this to your advantage on negotiating table to make a counter offer to what you bought it for or back out of the deal the seller

Wants to be rid of the home quickly you’ll have a good chance of negotiating a fair price that will make the home more profitable the fourth myth that we hear a lot is that you’ll be able to get the fixer up where you want these days home flipping is a hot market everybody their uncle does it there are tons of home renovations looking to do the same as you be

Prepared to miss out on a deal if you’re in a hot area you may not always get the home you wish for and if you’re looking at a particular market you might fine it’s even slimmer the last myth is the exterior cosmetic issue or all you have to do to take care of it the day and age of just painting and putting new copper on is out okay fixing home begins with the

Foundation so you want to work from the inside out and find out what’s the most important things to fix a lot of these things where you think is just putting a band-aid on things and maybe that worked in less hot market but in a housing recession you’re going to find those type of fixes just don’t work so i would stay away from those and make sure you as i said

Again hire a home inspector and hire professional find out what the end results in the end though it isn’t always true that buying a fixer-upper home can’t save you money so be sure do you research and create a plan before deciding to buy one if you’d like more information on purchasing fixer-upper properties or to learn more about working with our team here at

Rhode island massachusetts or connecticut feel free to call me at 401-288-3557 or visit nathanclarkteam.com i’m nathan clock and don’t forget to hit that subscribe button below thanks for watching

Transcribed from video
What to know before investing in a fixer upper 9 21 22 Client By Your Home Sold Guaranteed Realty The Nathan Clark Team