You do not need to be an expert handyman to consider buying a fixer-upper. However, there are a few rules of thumb you'll want to follow to avoid getting in over your head. Here are tips to keep in mind!
1. Look for fixer-uppers in the best neighborhoods. Location plays a strong role in home value.
2. Avoid homes that have structural defects or serious damage. Labor-intensive projects can be more expensive in time and money then they're worth.
3. The ideal fixer-upper is a home that is basically sound, but outdated. Condos can provide excellent opportunities for interior renovations and resale. A word of caution - the condo association may have rules regarding the nature of renovations and materials allowed. It's a good idea to review the association rules and make sure your plans are viable.
4. Know what you can handle. Are you willing to give up a few nights and weekends to tear out carpeting, paint the walls, and refinish hardwood floors? Make a list of the tasks that you know how to do. Shop for your Fountain Hills home with your skill set in mind.
5. Get professional estimates for the repairs you can't handle yourself. For example, if the home inspection reveals a problem with the plumbing, have a plumber examine the issue and provide an estimate. You can place contingencies in your purchase offer to cover these situations. I will help you!
6. Use appropriate financing. Fannie Mae's HomePath Renovation Mortgage allows you to finance both the purchase and repair of the home with one loan, and one closing. The FHA "203K" mortgage allows you to finance new appliances, cosmetic updates and repairs along with your home purchase. Both are excellent programs, but they do have limitations on the degree of repairs that can be financed. I will refer you to trustworthy mortgage professionals who can tell you more about these options.
7. Work with a local real estate expert! I have worked with real estate investors for many years, and I can help you find the best opportunities in Fountain Hills real estate! Whether you are looking for Arizona properties that have potential for a quick return, or you have a buy-and-hold strategy in mind, I will find the homes that best match your needs.
Please contact me today!
Tina Nabers
Nabers Property Management & Real Estate
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