In real estate, knowing market conditions dictates your decision to buy or sell.
However, with fixer uppers, there is surprisingly no such thing.
Whether it is a buyer or seller's market, it is always the right time to purchase such a home.
There are many advantages to investing in these homes.
Along with their affordability, they allow you to feel satisfied since not everyone can turn a dilapidated home into a livable one.
You also gain so much knowledge about home repair and renovation which could be quite useful in the business.
Choosing the Perfect Property to Fix Up Obviously, the key to being successful in the fixer upper business is by knowing which property to choose.
For instance, a foreclosed home may not be something that home buyers want now but would like to purchase once it has been spruced up.
Indeed, if you are looking for real properties that could provide you a nice return of investment, foreclosures might just be the ones you are looking for.
They are cheaper than most home and possess amazing return potential.
Of course, you still have to research the location and check the condition of the property to determine if it requires minor or major rehabilitation.
Minor rehabilitation include patching walls, refinishing floors, replacing doors and broken windows, painting the outside walls and installing kitchen cabinets.
On the other hand, major repairs include replacement of the HVAC system, bathroom or kitchen remodel and re-roofing.
Because you would not want to make the mistake of committing to the purchase of fixer uppers and realizing too late that you were in over your head, you should have the homes checked and professionally inspected.
Some of the inspection costs like the roof certifications, home warranty, engineering reports and pest inspections can actually be shouldered by the seller.
So, you should be able to negotiate these costs.