Not all fixer-uppers have potential
Whether a particular ugly duckling can turn into a swan depends on several factors. The best type of fixer-upper to buy is one that will appeal to the largest pool of buyers: a three-bedroom with more than one bath is the most common.
Here’s our list of Top Considerations.
#1. The secret to making it a success lies in getting the place checked out by a host of specialized inspectors, learning how to evaluate the repairs, and choosing the right property in the first place.
#2. Location, Location, Location. Nuff’ said.
#3. We stay focused on the home’s configuration. The layout should flow.
If the home is chopped up with a bad layout, it can be expensive or impractical to move walls. Bedrooms at opposite ends of the home will turn off buyers with young children, as will a two-story with the master bedroom upstairs and all the other bedrooms downstairs. Kitchens with more than one entrance are desirable.
#4. Evaluating Condition is basic…Separate the cosmetic problems from more fundamental ones.
Easy fixes include:
Patching walls, stripping wallpaper, and painting.
Refinishing floors, or laying tile or carpet. Installing ceiling fans and new light fixtures.
Replacing baseboards or adding a trim.
Fixing broken windows.
Replacing bathroom subfloors due to leaky toilet seals.
Refacing or painting kitchen cabinets or installing new ones.
Changing out receptacles and light switches.
Painting the exterior.
Adding a deck.
More expensive fixes include:
Replacing HVAC systems or adding central air conditioning.
Shoring up foundations.
Reroofing, when it involves a tear-off.
Replacing all plumbing, sewer lines, and electrical service.
Pouring concrete for driveways, sidewalks, or steps.
Installing replacement windows throughout.
Complete kitchen or bath remodels.
Building garages or additions.