A fixer-upper can be more than you bargained for

You hear about or just happen to see a home that needs some help in returning to the fine home it was at one time. The price seems to be one of the world’s best bargains. If the deal sounds too good, it may be.

The house in question probably needs a lot of work to bring it up to the quality you prefer. The place does have some nice features and you can picture the finished product in your mind. Everything seems to fit. You can handle most of the updates.

But there is really more to consider before you own the house.

Ask yourself: If I decide to buy it, will I be able to get my money out of the place when I decide to sell it?

One way of making sure that the home still has a lot of good years ahead is to have it checked out from top to bottom by an inspector to help confirm the sale price is where it should be. A builder can also give you important information and costs and conditions you will find.

There can be surprises when buying a home to “fix-up.” That’s where a builder can be of great value. They will see things about the home we average folks do not see. There can be a lot of surprises when buying a home to fix-up, like dry rot or other structural damage that will need to be repaired. That means a good inspection by a professional will save you time and money.

And don’t forget location. If you have the greatest home in the poorest area or the poorest home in the greatest area there will probably be value problems.

Rebuilding a home can take time and dollars. But, if you can do much of the work yourself, you will be saving some on the salary that would ordinarily be paid to a builder. But remember, much of the modern home’s working parts like electrical service, plumbing, furnace, etc. aren’t simple and straight-forward like they used to be. These areas usually call for experience to repair.

If you are going to buy it, get an estimate on the cost of repairs. Add to that the cost to decorate any areas in the house, and factor in the costs. Then, compare this figure with the selling price of a home in the same area you like with the selling price of a home in the same area not needing repairs.

This will tell you if the project is a good buy or not.