A fixer-upper can be a great investment for any family to make a place of their own over time. They can be an incredible deal but if you don’t know what to look for and aren’t careful you can end up in a money pit! Here are a few things to consider when buying a less than perfect home.
A workable floorplan.
You can knock down small walls, repaint, and even refinish the floors, but removing load-bearing walls is never an easy thing and can be very costly. Be sure to plan and have $$ saved. Make sure the fixer upper you settle on has a floorplan you love or that you can at least work with.
Look for leaks.
A leaky roof, old piping, and evidence of water in the basement are a recipe for disaster. You might love everything about a house but if there are serious structural problems, there just might be hardly be any time or money left in the budget for anything else.
Check the foundation.
The same goes for the foundation of the home. A strong foundation is essential in keeping the rest of the house structurally sound. If there is noticeable signs of rot or crumbling, it could cost a lot to fix. You’re better off finding another place with a sturdy foundation, bright green countertops and horrible shag carpet…that you can replace!
Watch the wiring.
Older homes will also come with older wiring and this is something you simply cannot skimp on. Make sure you trust your inspector. Faulty or damaged wiring that goes unnoticed can not only be costly to repair later but can be dangerous. Not all issues will be expensive to fix, but it’s worth looking into before you make any formal commitments to a home.
Some homes have undesirable types of piping that could become a problem at any point. Be sure to know what the home has. Here are some of the different types: PEX, Copper, PVC, full or partial Galvanized and full or partial Polybutylene. Today copper and PEX are considered the best types of pipes for residential plumbing and as an added benefit, your insurance company will love you for having either.
The fixer-up down the street is calling my name…see you next time!