Spring and summer can be the perfect time to invest in a fixer upper. However, there are several tips to keep in mind before making a purchase.
1.) Arrange a home inspection. A professional appraiser can advise you on the types of low-cost and more expensive repairs you’ll need to make and help you assess the overall value of the deal. You may need to replace damaged walls, ceilings, plumbing and even structural elements, like the foundation.
For a list of licensed real estate appraisers in your area, visit Locate a licensed professional at Mass.gov.
2.) Compare prices. An ideal fixer upper is one that you can purchase at 20 to 30 percent less than its fixed-up value. Advantages to buying fixer uppers include lower sales price, less competition from other homebuyers and potential resale profit.
Visit Angie’s List or Service Magic to know which remodeling projects have the highest and lowest return on investment.
3.) Know the value of location. Look for a fixer upper in a neighborhood where the other houses are considerably higher in value. This will help you recoup your investment if you end up selling it later on.
4.) Contact your home insurance agent. Make sure your home insurance policy adequately covers your fixer upper investment.
Vargas & Vargas Insurance is committed to making sure your family, home and automobile are safe and protected. Call and speak to an agent today at 877-550-0025. The professionally trained, friendly staff is available to handle any of your questions and concerns.
