Buying A 'Fixer-Upper' For Resale
What is a "fixer-upper" property?
How much work goes into selling a fixer-upper at a profit?
What are some common mistakes people make when buying fixer-uppers to develop?
Should I live in a fixer-upper while it's being improved?
What are the most expensive improvements a fixer-upper might need?
What is one of the least expensive improvements a fixer-upper might need?
There are two things that are really simple improvements that give you the biggest bang for the buck. They're really the ones that create the biggest lifestyle appeal to people. Landscaping, and people forget all about that. People, when you're buying a house, please plant all you're planting early. If you're going to keep a house for six months or a year, get your plants in now. It doesn't cost you much to buy them small and let them grow over the year. But, get your landscaping down right away, and let it grow in. Because there is nothing more inviting than a beautiful lust green front yard and backyard with lots of flowering plants and landscaping.
What resources do I need to get started fixing up a property?
When renovating a home, it takes a village, so you need a team, and I call it the dream team. So what you're going to do, especially on you first property that you fix up, is remember that these people are going to work with you from house, to house, to house. So you want to start lining up a good roofer, you want to look for a contractor that you will like, you can even go to home improvement centres and have them do some of the work in your first home. You're going to want to start to accumulate that team, so that would include: electricians, plumbers, sub-contractors, contractors, and you're going to want to start interviewing. And do this before you close on a property so you start to begin to have a team in place.
What are some improvements to avoid on a fixer-upper for resale?
The best way to avoid the most common flipping mistake is overcapitalizing, is by doing your research. You really need to be going to all the open houses around the neighborhood. Find out what the other houses in your neighborhood have, so that you need to know what you need to have and also find out what they don't have so you can avoid having to spend money on things you don't need.
