It can be an exciting time to buy a house, and for many people that definitely includes purchasing a fixer-upper. Of course, if your home does require some work, it can seem a bit overwhelming after all of the papers have been signed. No one would blame if you had some buyer’s remorse. However, there are a number of tips you can follow in order to smooth over the process:
Look at Surrounding Homes
While it’s definitely important to inspect different parts of the property you want to buy, you also want to research the neighboring homes. Surrounding homes affect the overall valuation of the property if you choose to sell it later on. If you are buying the home as an investment property, then Rules of Renovation recommends making renovations that will hover around the same price point as other homes in the area. This research will ensure that your return on investment is worthwhile.
Check Out the Plumbing
While this will depend on the age and location of the house, plumbing difficulties are definitely something you should look out for when it comes to a fixer-upper. Issues such as broken pipes, frozen pipes, plumbing systems that are not up to code or up-to-date, and poor drainage systems can all be a serious headache for even the most experienced fixer-upper home buyer. Moreover, septic systems need regular maintenance, so if that’s not something you’re okay with, you might have to keep looking.
Look for Signs the Home Might Have a Pest Problem
When touring a fixer-upper home, there are countless people who only focus on the cosmetic changes that are needed for the home. They also should look for signs that the home has a pest problem, such as mud tubes along the outside foundation, crawl spaces or by the basement walls. This can signify termites. Additionally, you should keep your eye peeled for rat and mice droppings, and also look for signs of cockroaches. While you can take steps to keep these pests away from your property, it’s important to know what you’re dealing with before making any final purchasing decisions.
Investigate Whether the Home Has Foundation Issues
A house that has foundation issues is no fun whatsoever. However, the good thing is there are signs that you can look out for even during an initial inspection of the property. First of all, if the fixer-upper home exhibits jagged cracked in the walls that jut out at a 45-degree angle, that is cause for concern. If cracks form above the windows, that could also mean that the foundation is shifting and messing with the sheetrock.
Make sure to do your homework and research before you buy a fixer-upper house! A little bit of research and legwork in the investigative process can help reduce headaches and financial problems.
If you’re looking for a home, let Gleason Realty help!