If you are looking for ways to stretch your budget for a new home, then you might be considering the option to buy a fixer-upper. At DUFFY Realty, we know how important it is to find the right home for your family. In some situations, it might be difficult to find a home that meets your requirements and fits within your budget at the same time. So, there might be some advantages to buying a fixer upper that can be remodeled to match your preferences.
A Money Maker or a Money Pit?
Finding the right fixer-upper can be beneficial for your family because the home will offer the opportunity to quickly increase property value from the upgrades. If the home is priced right, you can invest money into remodeling, and it will have an immediate impact on the value of the home.
But, it is important that you know your numbers before jumping into these types of remodeling projects. For example, if you do a full renovation on a fixer upper in a less-than-desirable neighborhood, then it is possible that you might not recover your investment. Look at other comparisons in the area to know how much you can invest in the home to get a good return on the investment that you put into the property.
Simple and Easy Ways to Improve Property Value
Diving into complicated home renovations is a sure way to increase the cost of your home renovation efforts. Instead of taking on these burdensome efforts, it is better to find a property that needs simple upgrades.
If the home needs major structural repairs, such as a new roof, a plumbing overhaul, or help with a cracked foundation, then you are facing a big headache in the future. On the other hand, a home that is structurally sound but a little worn on the inside can easily be upgraded with a fresh coat of paint, new flooring, and some upgrades in the kitchen and bathrooms.
Timing Your Renovation Efforts
Another factor to consider is the timing of your home renovations. As the real estate market fluctuates, it is essential that you put in these efforts during a time when the prices are high, and you can recover the investment.
Other scheduling considerations should be about the time of year and the cash flow that you have available. It can be frustrating to sit on an investment property for six months or more, especially if you don’t have the cash available to maintain the property. Make sure that you have an experienced real estate agent who can help by speeding up the time that it takes to sell the home.
Here at DUFFY Realty we know the best system to sell homes on the real estate market quickly. Our goal is to help our customers have an easy and efficient experience when they are buying or selling a home. Contact us for more information about the services that we offer: (678) 318-1700