Serious buyers of "fixer-upper" homes need to consider many things before buying one. There are many risks, costs, and time involved in converting a fixer-upper home to become a livable one. Although the real estate value of the home may level up, repairing a fixer-upper home requires a sum of money to deliver the best value afterwards.
Lifehacker summarized the tips that can educate potential buyers of upper-fixer homes to make the right decision.
1. Find the "right" home inspector
It is important to find the right home inspector, they will help you evaluate the accurate needed repairs and replacement that the "fixer-upper" home needs. It is advised that someone with a building background is best for the job and to avoid home inspectors from your realtor.
2. If you found a credible inspector, check out these areas of the "upper-fixer" home.
Structure- Does the home have a good structure? Is it strong enough to stand?
Membrane- This corresponds to the Roof and the Cladding of the home. Check if it could prevent the water from coming in and if it could circulate heat inside the home.
Foundation- Is the foundation in good state or does it need repair?
Electrical- Is the home equipped with proper wiring? And is there enough power around the rooms in the house?
Plumbing- Is the plumbing system leak-proof? Does it need to be replaced?
Heating- Evaluate if the furnace is working fine and how old or type is it?
Doors and Windows- These parts of the house would need more budget than expected. Try asking for an estimate for these.
3. "Fixer-Upper" Estimated Cost and Expenses
Home buyers of fixer-upper homes must be ready in terms of cost and expenses. A home inspector shared in the article the cost estimates that home buyers must expect in purchasing a fixer-upper home from the roofing, to the electrical upgrades. The cost of roofing replacements is between $5,000 to $7,000. While Kitchen repairs and construction estimatedly costs $15,000-20,000. Another repair essential for fixer-upper home is the Electrical upgrades which costs $2,500.
