Here’s Why You Need to be Careful With Fixer-Uppers
Sometimes mis-gauging the potential of a fixer-upper can get you into trouble. Being a handyman is great, but in this case, it may be best to not pick the one with the most "potential."
Consider the costs
It's important to take a very close look at each home that you tour. With each one, take notes of every problem area that you find in each room. You can even lay out the exact details so that you can research prices of either professional repairs or how much it will cost to do the repair work yourself. Keep in mind what your budget will allow you to do and then you can easily make a final decision on a home
Check it all out
If you are looking at a home
that already has furniture in it, then you need to be sure that you look in unexpected places. Pick up the rugs and see what damage might be hiding underneath them. Look behind any pictures on the wall, especially large art prints. See if there is any kind of painting that needs to be done or holes that need serious work.
Decide who will do the work
Consider all the costs that will be involved in having to do the work yourself. This includes the supplies needed, the "free time" you have to spend working on the repairs, fees for renting or buying the equipment needed, and the cost of gas to constantly drive out to the home to do the repair work. Fixer-uppers can be costly homes
, even when it seems like you're getting a great deal in the beginning.
On the other hand, if you're a seasoned carpenter interested in making a business out of flipping houses
, fixer-uppers might be exactly what you're looking for!